One key narrative on this blog has been about the coming “boomergeddon” where by tens of million of baby boomers will hit age 65+ in the year 2030. As a result of that demographic crisis, we have 10,000+ boomers retiring each day wrecking the labor market. The labor shortage in the country has now been largely linked to boomers deciding to retire early rather than go back to work.
The obvious question to ask next is what will it take to replace these boomers?
In our shortages post, we discussed some key professional jobs such as pilots, nursing, judicial roles, and others so we decided to take a look at how long it takes to replace retiring professionals. We also wanted to know how much it costs to replace these pros but the reality became clear, with massive inflation, expected shortages of labor across the board and the average 4 year window needed to train and replace professionals, we quickly discovered the cost will be very high to society.
We created a table and were going to post that table here but there are some potentially lucrative investments we could make from the data so we’ll hold off on posting tables to sometime in the future until we secure some positions in key financial companies.
We can say that on average most professionals require a minimum of 4 years of college and some years of training after finishing colleges. Pilots, for example, take anywhere from 3 to 5 years to become an airline transport pilot and will likely cost tens of thousands of dollars to complete.
Stay tuned and stay solvent.