From now through 2030, an estimated 10,000 baby boomers will turn 65 years old each day.
Although data suggests the majority plan to work beyond age 65, we know there will be a mass exodus from the workforce over the next decade and beyond. Often referred to as the “silver tsunami,” this trend is expected to shift the U.S. workforce substantially as veteran workers leave their jobs and begin retirement.
For many boomers, this will be a welcomed transition into a life of leisure and time with family. But for many low-wage workers, a challenging future may lie ahead. According to the Center for Retirement Research, 56 percent of low-income workers are at risk of having a lower standard of living after they retire, compared with 41 percent of those with high-income levels.