Baby Boomers aren't retiring. Here's how it could affect the labor market.

Published: Jan. 29, 2019 at 5:17 PM CST
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A new report from Deloitte Insights suggests 85 percent of Baby Boomers plan to work into their 70s and even 80s.

"For a lot of them, it's because they don't want to sit around in retirement," said Raymond Robertson with the Texas A&M Bush School of Government and Public Service. "For a lot of them, unfortunately, they don't have enough saved for retirement, and Social Security isn't as stable as expected."

Robertson says there are benefits to having experienced workers around.

"They have and understand a client base that companies want," said Robertson. "However, they're sharing space with many other generations with different styles, so management has to figure out how to cater to everyone."

Not all are happy about boomers sticking around. Robertson says that younger members of the workforce have been waiting for the older generations to retire so that they can be promoted into those positions.

"But there is evidence that the market simply expands, and having a larger workforce means the proverbial pie gets bigger," said Robertson.

For the full conversation, see the video player above.