Growing number of retirees

Since 2019, the proportion of retirees in the U.S. population has risen from 18% to nearly 20%, according to research by the Federal Reserve Bank of New York — equivalent to about 3.5 million fewer workers. And the trend seems sure to accelerate: The percentage of workers who are 55 or older is nearly 24%, up from only about 15% two decades ago. The surge of retirements, along with a slowdown in immigration that began during the pandemic, are the primary factors behind the labor shortages that continue to bedevil some employers.