Recently, it seems like our U.S. Congressmen have been dropping like flies. Just a couple of weeks ago, South Carolina’s Senator Lindsey Graham died from cardiovascular disease at the age of 71. Mitch McConnell, the 84 year old Senator from Kentucky, has been on medical leave since mid-June.

The average age of a United States Senator is 65 years old. The oldest, Chuck Grassley, is 92 years old. But it’s not just Senators. The average age of CEOs across the US is 61 years old – a sharp increase of 10 years since 2000. Even beyond the realms of politics and business, the average age of our faith leaders is 57.

It’s become increasingly clear that the United States has evolved into a gerontocracy, where the majority of leadership is occupied by those of geriatric or near geriatric age. This poses a problematic dilemma for young adults who are not only underrepresented by their governing bodies, but are also getting boxed out from promotions as higher roles are made increasingly unavailable by older staff members. Many of which have occupied these positions of leadership for decades. Almost 20% of Americans maintain employment after retirement age. That’s 65 years or older. In 1987, only 11% of Americans at retirement age were employed. But these statistics present a more pressing question: why aren’t Baby Boomers retiring? And what does it mean for younger generations? 

The answer is two-pronged. The most alarming catalyst for the lower retirement rates are Boomers’ anemic retirement accounts. The median retirement savings among Baby Boomers is $194,000. 26% of Boomers have less than $50,000 saved and 10% have nothing, meaning that the majority of people at retirement age simply can’t afford to leave their jobs. The dismal retirement funds of older generations is commonly attributed to the Great Recession and high spending volume, but that doesn’t account for the fact that so many Boomers still occupy high-earning, leadership positions. Although the median retirement savings of Boomers is quite low, the average is over double, indicating that there is a massive disparity amongst people of retirement age between low savers and high savers.

Un-retired Boomers are a mixed bag. Some, with low savings and battling the same economic pressures we all face at the moment, can’t retire yet. Others absolutely have the funds to retire, but refuse to step down, likely due to factors related to identity and status. I’m looking at you, Mitch McConnell. But if corporations are monopolized at the top by increasingly older and older employees, where does that leave Gen Z? 

It’s no secret that young adults have been struggling to break into their careers after college. Gen Z currently faces an unemployment rate of 5.6% post college graduation, which is 1.5%

higher than the national unemployment rate across demographics. Anyone who has applied for jobs recently can tell you that entry level positions are no longer entry level, often requiring at least 3-5 years of experience. And although Gen Z unemployment is a multifaceted crisis, the bloated and aging job force certainly doesn’t help. 

A user on Reddit posted a few months ago, “My manager is 71. Seventy one years old. Been in his role for 19 years. Keeps saying he’ll retire “next year” and has been saying that since before I was hired. I’m 36 and I’ve been waiting for any upward movement for almost 5 years now. There is none. There won’t be any. Because nobody f**** leaves.“ A massive 17,000 like count corroborates their experience.

Another commenter responded, “I’m 62. I’d retire tomorrow if I didn’t have to pay for health care for myself and my wife. Everyone I know my age is in the same boat. Universal health care or just lowering the eligible age for Medicare would open many, many jobs.” 

The employment crisis is especially difficult to confront because the economic problems that we face are multigenerational. Gen Zs’ underemployment and Boomers’ overemployment are different symptoms of the same disease. We’re all simultaneously being squeezed by an economy that has failed to provide enough security and mobility across demographics. When older workers can’t afford to step aside, younger workers cannot move up. Likewise, when younger adults can’t establish careers or buy homes, they might find themselves at retirement age without savings. Instead of blaming each other for our economic failures, we need to recognize the larger issue at play: an increasingly feeble economy, staggering job growth, and overall lack of financial stability.

Why do you think boomers are retiring less? Let us know!