A historic inflation spike is easing, but there’s a powerful force that’s likely to keep wage and price increases higher than normal over the next few years: baby boomer retirements.
A record 4.1 million Americans are set to turn 65 this year and each year through 2027, according to the Alliance for Lifetime Income’s Retirement Income Institute. Although not all of those boomers will hang it up, the surge of freshly minted 65-year-olds – known as “peak 65” – probably will mean record retirements as well.
How will baby boomers retiring affect the economy?
The deluge of retirees is expected to keep job openings elevated and force employers to raise pay to attract job candidates from a more slowly growing labor force. There were 8.1 million job vacancies in May, Labor Department figures show, down from a record 12.2 million in March 2022 but above the pre-pandemic average of about 7 million.
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