Fact #625: To offset projected labor shortfalls over the next decade, the 55+ age group will need to increase its labor force participation from 40 percent to 51 percent for males and 26 percent to 40 percent for females. At the same time, the 20 – 29 year olds group will need to increase its labor force participation from 87.5 percent to 105.4 percent for males and 75.2 percent to 90.6 percent for females. (Source: Watson Wyatt, World Economic Forum 2004)
Fact #626: The estimated U.S. retiree/active worker ratio is expected to increase by 71.4 percent in the United States by 2030. Switzerland is expected to experience a 100.2 percent increase for the same period. Italy’s retirees will outnumber its active workers by 2030. (Source: Watson Wyatt, World Economic Forum 2004)
It really is disturbing when we hear reports such as this one and realize that what we took for granted is no longer guaranteed. It’s amazing that this phenomenon is affecting other countries as well; I guess it really is a global economy with problems now becoming global, too!