Believe it or not, it would do us all good if boomers could work a little longer. A two-year increase in the median retirement age over the next decade would add almost $13 trillion to real US GDP during the next 30 years while cutting in half the number of boomers who would be financially unprepared for retirement, according to research from the McKinsey Global Institute.
Needless to say, there are barriers. Health care costs, labor laws, pension regulations and corporate attitudes toward older workers and health are all obstacles for boomers continuing to work past retirement age. According to MGI, "The aging of boomers won't just slow income growth. As the population ages, few people will be working. The result will be falling labor force participation rates, which are a critical factor in determining GDP growth."
