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Senior Citizen Explosion Could Be A Job Creator – CNBC

Although it seems that most “older folks” I know are working more years than they had hoped, this trend is very real. At some point, the vast majority of people stop working. – Michelle

Photo by Brian Bahr/Getty Images

From CNBC.com – “My guess is that there could be some 20 million new jobs when it’s all said and done because of seniors,” says Tim White, managing partner of executive search firm Kaye Bassman.

America’s population is getting older at a faster pace than at any time in the nation’s history.

The Census Bureau says that an American turns 65 years old every 13 seconds and that some 10,000 boomers retire every day.

It’s estimated that 70 million people will be 65 or older by 2030—nearly doubling the 34 million today.

“The elderly population will have a major impact on social services and the U.S. economy in the years ahead,” says Mary Walshok, associate vice chancellor for public programs at University of California San Diego.

Specifically, that means job growth in health care as the growing senior population demands more medical attention. Ten out of the twenty most rapidly growing industries in the U.S. are in health care. The Congressional Budget Office estimates that $135 billion is spent each year just on long-term care for seniors.

via Back To Work — Special Report — Senior Citizen Explosion Could Be A Job Creator – CNBC.

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