Future Of Retirement Businesses
[Trends To 2027] Future Of Retirement Businesses
The research on the future of retirement businesses began with Facebook insights for Facebook Pages, which provide detailed data about fans. And what is revealing is the age demographics. My Facebook Page reflects most people in their late 40s to early 50s and beyond. These people would be interested in starting a business after retirement. They maybe working in their full-time jobs currently, but some will need to start planning now to make money online in their future.
I live in Vancouver, British Columbia and our provincial government has published a study on the future of retirement with trends to 2027 and starting a business after retirement.
10-year Forecast For The Future Of Retirement Businesses
- Today about eight percent of British Columbians are retirement age compared with five percent in 2000. This is expected to grow by just over one percent in the next ten years.
- It’s expected that 640,000 workers will leave the workforce from 2017 to 2027, with only 438,000 young people will join the workforce to replace them.
- The forecast is 917,000 job openings between now and 2027. The majority of these new job openings (70 percent) will be due to workers leaving the work force, mostly through retirement.
- Between 2017 and 2027, the average rate of job openings as a share of employment is estimated at 3.6% annually. However, this does not reflect all hiring activities from a human resources perspective since job turnover is not considered in the definition of “job opening”.
It’s not just British Columbia, Canada with a rise in the future of retirement businesses, but also other provinces such as Ontario. The Ontario Securities Commission (OSC) ran a survey of 2,000 people with questions to pre-retirees and people who have already retired. The results highlight the importance of building an understanding of what’s ahead in retirement by studying the actual experience of retirees. In the OSC survey, 55 per cent of pre-retirees said it’s very or somewhat likely they will continue working in their retirement years, and only 13 per cent said it was very unlikely.
Wide Range of High Demand Occupations in BC
High demand occupations rank high on job openings and employment, and low on unemployment rate and excess supply. Not surprisingly, healthcare jobs will be in great demand due to aging baby boomers. Other high demand occupations range from management to services (including administration, marketing, sales and customer service): https://www.workbc.ca/Labour-Market-Industry/Jobs-in-Demand/High-Demand-Occupations.aspx
Automation Tools Help Retiring Boomers Starting A Business After Retirement
Statistics Canada says by 2030, the year in which the youngest baby boomers will reach 65, close to one in four people in Canada will be that age or older. That compares to 15.3 percent in 2013. Canadians who are 65 or older grew 20 percent between 2011 and 2016, surpassing for the first time the number of children aged 14 and under. It’s the largest increase for seniors in 70 years since Confederation!
Automation can create new tasks and new occupations, increasing the demand for existing or new jobs. It can help increase productivity of workers – enabling them to accomplish certain tasks faster, safer and with fewer errors. Technology can also reduce physical demands and, make it possible for older workers and those with physical challenges to be part of the workforce.
Many boomers still in good health will want to stay active in the labour market doing part-time work, while some may need to supplement their retirement income. We now have marketing automation tools to improve productivity and increase sales. Here’s a list of online marketing tools free or free to start to help retiring boomers start part-time businesses.