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Taking Advantage of Boomer Retirements

CNN, 6/4/08

Abstract:

Amidst chatter of baby boomers delaying retirement is talk of a different nature. Not about when boomers are retiring, but how certain industries and the rest of the work force will be affected when they do.

Baby boomers, born between 1946 and 1964, currently make up at least one-third of our nation's work force, according to the Bureau of Labor Statistics.

In the next 10 years, the number of workers age 55 and older is expected to increase by 50 percent. As the age of the work force increases, the more boomers will leave their jobs, creating a need for younger workers to fill their positions.

Though many boomers plan to extend their stay in the work force, even those retiring will continue working after they do.

A survey by the Associated Press found that 66 percent of boomers expect to work for pay after retiring; 43 percent will do so because they want to stay busy; 27 percent say they'll keep working to make ends meet; and another 19 percent will work so they can afford "extras."

Although it's at a slower rate, boomers are still leaving the job market, in some industries more than others. For example, teaching and government saw waves of hiring in the 1960s and '70s and many of these workers are retiring now. Other industries, like utilities, and oil and gas, have older workers with long tenures — therefore, they're likely to exit the work force sooner

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