18% of U.S. Workforce Likely to Retire Within 5 Years

Retirement

Retirement (Photo credit: 401(K) 2013)

The findings of a new report on age and retirement benchmarks in the U.S. workforce, showed that 18% of the U.S. workforce is likely to retire within the next five years. The six industries studied ranged from a low of 9% reaching retirement age in the hospitality industry to a high of 28% in public administration. Other industries included in the study were manufacturing, healthcare, education and retail.

While there is no guarantee that everyone who reaches the average retirement age will actually stop working, the research indicates several industries could be facing a significant loss of skilled talent over the next five years. This retirement data provides a critical glimpse into the future of a company’s workforce. Businesses will want to assess how their own workforces compare to the averages and consider strategies for recruitment and training in order to replace the significant loss of knowledge, experience and company culture that can be expected.

The number of workers reaching retirement age in the next five years varies widely across industries. Public administration and healthcare services can expect large numbers of employees to leave the workforce, given the fact that workers in these industries have average age of 47 and 43 respectively. By contrast the average age for hospitality workers is 34 and for retail 36.

 

From: ADP, Inc.

 

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