Millions of new workers needed

Every day, over 5,000 Americans reach the age of 65; many Americans are retiring at an earlier age than this.  The American economy could be affected dramatically by aging and retirement.

Over the next 20 years:

• About 80 million baby boomers will be eligible for retirement - and many of these will retire earlier

• The number of new workers entering the job market will decline significantly - and to numbers far less than the workers leaving the job market.  This shift in demographics is unprecedented

• Many millions of additional new jobs will be created

As a result, America will need millions of new workers!

These new workers can only come from the following five sources:

1. Improved productivity. Get more output from the existing workers by improving systems and improving automation

2. Outsourcing abroad

3. Encouraging more immigration

4. Encourage non-working spouses to work

5. Encouraging older Americans to stay in, or return to, the workforce

The first four sources mentioned have limitations.  

Employers will continue to adapt to changes in the labor market, and there seems no doubt that they will quickly adapt to the need to encourage older Americans to stay in, or return to, the labor market.

In addition, more older Americans in the labor market increases both economic growth and the income tax base.

Conclusion:  There will be a trend to encouraging older Americans to stay in, or return to, the labor market.

This is good news.  In a poll done for Roaming Times in mid 2005 and taken by more than 2000 people, more than 33% mentioned work as being part of their ideal lifestyle for retirement.  You can see the results of the poll here.