the nation is experiencing a skilled worker shortage. Stories in the past week show an interesting trend in hiring – that the real problem with unemployment might not be a lack of jobs [See Businesses post most job openings in 3 years], but that employers won’t hire people who lack the qualifications. Which relates to the fact that lower-skilled adults ages 18 to 34 have had the largest jumps in poverty. [See also: Unemployment crisis: Can’t find jobs or can’t find talent?] So what does all this have to do with retirement plans? It means possibly that the next big wave of retirees will be so broke, they either won’t be able to quit working, or they’ll be living off Social Security‘s dwindling revenue. And that the cash power for Gen Y might be segregated to cohorts who are part of the greatest wealth transfer in history, an estimated $41 trillion by 2052, according to Boston College’s Center on Wealth and Philanthropy.
Is the fundamental employment problem a lack of training or a lack of potential employees desire to learn the necessary skills.
Please comment or call to discuss.
- When All Else Fails, You Could Always Retire in Prison (blogher.com)
- Skills gap looms at U.S. factories as boomers retire (theglobeandmail.com)
- Show off your defined benefit plan, experts say (401kplanadvisors.com)