Working longer will generate $12.9 trillion more gross domestic product (GDP) between now and 2025 than would occur under the baseline forecast.
MGI's survey of Boomers' attitudes on retirement shows that 85 percent expect to work later in life. However, there are significant legal and institutional barriers that need to be overcome. They include a variety of disincentives for both employers and older workers, including the costs of America's health care system, the unintended consequences of labor laws and pension regulations, and corporate attitudes toward older workers. The research highlights several areas for action for policy makers and businesses to prevent the Boomers' retirement from becoming a multidecade-long drag on U.S. growth.Source: McKinsey & Company "Talkin' 'bout my generation: The economic impact of aging U.S. Baby Boomers" (June 2008)