The Baby boomer generation born from the mid 1940s to the mid 1960s refers to the increase in births after world war 2. In 2019 the boomers are inching closer to retirement.
Don Kerr a professor at Western university’s kings College says the boomers are not necessarily ready for retirement “In Canada the average age of retirement was declining but with the adding of the baby boomer in around 2010, 2011 they are now retiring on mass, the average age of retirement has been increasing”. He also says that experts are still trying to figure out why the baby boomers aren’t retiring. ” A lot of analyst are saying why, what is it about the baby boomers that are leading them to retire at an older age, people in there early 60s are working longer than they did 15 years ago”. He also says its striking that 1 in 10 Canadians are still working over 70.
The question that is at hand is if the baby boomer generation is still working does that take jobs away from students graduating college and university, Don Kerr says that might not be the case. ” Young adults still trying to establish themselves in the labour market, The baby boomers will retire at some point and that will free up job opportunities for younger adults”.
Kerr and other economist have stated that generation X and the generations that follow have to start thinking about early retirement saving. Economist have said that a huge reason why the baby boomers are still working is because of lack of money and the life expectancy in Canada keeps raising. in Canadian the trend is expected to increase and younger generation will have to start thinking about retirement now.
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