It is no surprise that Baby Boomers are working beyond 65, creating less upward mobility for the next generation who are chomping at the bit to take on leadership roles. Well, for those situated behind the Boomers you will be sad to learn that a study by the World Economic Forum reported that the world’s richest countries face a massive retirement savings and pensions shortfall, setting the stage for working until at least 70 which is expected to become the norm by 2050.
Worse yet, the study indicated that Americans face the largest gap between what they will need and what they have saved. For those in the upper level management ranks this situation is double jeopardy. Top level management Boomers either haven’t saved enough, or worse yet, they worry that they may have an okay next egg, but fret about their life span, worrying that they will live too long, and run out of money.
Either way, they are staying put, and blocking the Gen-X execs from their next career opportunity.