Baby Boomer Retirement will create US income growth in the next decade.
Tina Miller, MA,CFLE stashed this in economy
The US labor pool will grow 75% more slowly than usual over the next decade due to heavy retirement. This will: Bring unemployment down quickly, even if we attract more people back to the labor force, and Create wage inflation as employers finally have to compete for talent
This will help but it will take many years to bring unemployment down:
In 2012, the labor pool growth got cut in half, to 0.9 million, as 4.5 million people turned 20, and the number of people turning 65 skyrocketed to 3.6 million. Looking forward, the labor pool growth will steadily decline to a paltry 0.2 million in 2022, where it will stay flat for several years.