Baby Boomers Begin Retirement In 2010

December 28, 2009 7:05 a.m. EST

AHN Staff

Ottawa, Ontario, Canada (AHN) - Canada, like many western countries grappling with low population growth rates, faces a demographic challenge of finding workers to run its economy as Baby Boomers start to retire in 2010.

The start of a new decade means those born in 1945 or 1946 - the start of the Baby Boomer years - will turn 65 beginning 2010 and would face retirement from the labor force.

In Canada, the Urban Futures Institute estimates 425,000 Canadians will retire annually beginning next year.

Although the Baby Boomer retirees may stop full-time employment, some of them are reportedly expected to pursue their passion or start home-based enterprises, particularly Internet-based businesses since most of them are by now tech-savvy.

Projections by the Urban Institute said that by 2013 - for the first time in Canada's history - people 60 years old and above will outnumber those below 20. The institute pointed out it translates into an 8 percent drop in demand for goods and services for people under 20 and a 101 percent rise in demand for goods and services for Canadians over 65.

The institute's report concluded that, "Given the global completion for immigrants, with European countries in particular aggressively entering the immigrant recruitment business, it is not likely that Canada will be able to solve its labor shortages through reduced unemployment, increase participation and immigration. Thus there will also be the need to ensure that the productivity of the work force in Canada increases significantly in the future."

The report added, "Some productivity gains will occur smoothly, with workers having more and more capital (both physical and technological) to use in their production of goods and services. Other productivity gains will occur only with conflict and complexity, as workers are replaced by technology, and collective agreements and institutional practices are rewritten to obtain the productivity increases that labor shortages will dictate."

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