Report: More Than 4 Million Older Workers Have Left the Workforce Since 2020

A storm is brewing for the U.S. labor market.

As older employees retire, they are set to create more job openings than younger generations can fill. And according to a new report by the workforce analytics firm Lightcast, about five million workers have already left the job market since 2020, more than 80 percent of whom were older than 55.

This “Silver Tsunami” of older workers leaving the workforce has far-reaching implications for the labor market. “Just as the Baby Boomers’ entrance into the labor market created a surge in the number of available workers, their retirement is leaving behind a workforce whose numbers are not keeping pace with the US population,” the report said.

The U.S. will gain 18 million people by 2032, according to the Congressional Budget Office. Yet, the job market will only add 2.3 million workers in the same stretch of time, the Bureau of Labor Statistics estimates. 

This means population growth will “outpace labor force growth” almost eight to one, per Lightcast.