svetikd / Getty ImagesThe “silver tsunami,” or the mass retirement of Boomers, may cause serious changes to our workplaces and incomes. Longer Lifespans and Lower Birth RatesThe baby Boomers made up a large portion of the workforce until very recently. Without proper Congressional changes to social security, mass retirement could have potentially negative effects on the economy. “The need for additional income is a significant factor in the decision to work past the traditional retirement age when people have inadequate retirement savings,” said Forbes Magazine in an article. More From GOBankingRatesThis article originally appeared on GOBankingRates.com: 10,000 Boomers Are Retiring Daily — How This Changes Banking and Your Finances

Source: Forbes June 02, 2024 16:24 UTC