In 2021, it is estimated that 4 million people will be turning 65, slowing the growth of workers in the U.S. Already in 2016, 3.5 million people turned the magical retirement age of 65, and even with more people continuing to work beyond traditional retirement age than ever before, U.S. economic growth is almost certain to remain slow, according to realestateconsulting.com.
According to the site’s calculations, employment can only grow a maximum of 1.5 percent to 1.7 percent over the next three years. After that, through 2025, it will slow even further and grow 0.9 percent to 1.0 percent with actual employment growth expected to be much slower.
As the labor supply grows thinner, incomes are likely to increase as employers compete for talent, even with new productivity tools allowing companies to accomplish more with a smaller work force.
For the full analysis and accompanying charts and graphs, click the link below for more.