We’ve heard a lot about the “Great Resignation,” the trend of people quitting their jobs to pursue better paying and more meaningful opportunities. We’re now seeing the “Great Retirement,” a silver tsunami of baby boomers leaving the workforce.
It's been rough on this cohort. It wasn’t just the pandemic. The winds of change in the white-collar world of work went against the Boomers. People with extensive experience tend to earn more than those who are earlier in their careers. Corporate America has been on the march to slash costs, in the pursuit of profits. One of the methods used to axe expenditures is to eviscerate middle-management positions.
It's common to read job descriptions obviously written to dissuade older workers through the usage of thinly veiled verbiage, such as “under 10 years of experience,” “requiring cutting-edge technology knowledge” and lower-level corporate titles. As remote work became the standard, Twitter, Facebook and other companies planned to hire talent from anywhere. It's likely that they’ll look for the best people who live in inexpensive places, so that they could compensate them less. This trend doesn’t bode well for the Boomers, as businesses seek out candidates who would earn a lesser compensation compared to a person with 30 or 40 years of experience.
There are older Boomers who want to retire, but may not be able to. A big challenge is that the vast majority of Americans lack the money needed to sustain them in retirement, especially as life expectancy has increased. The Federal Reserve Bank says that around 44% of Americans self-report that their retirement savings are not on track and 25% don't have pensions or retirement savings.
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