Interesting, this is something I hadn't really thought about: when people rely more on private retirement savings, they retire later, leaving fewer openings for younger workers to fill.
A Reluctance to Retire Means Fewer Openings
In other parts of the developed world, people are retiring as planned, because of relatively flush state and corporate pensions that await them. But here in the United States, financial security in old age rests increasingly on private savings, which have taken a beating in the last year. Prospective retirees are clinging to their jobs despite some cherished life plans.As a result, companies are not only reluctant to create new jobs, but have fewer job openings to fill from attrition. For the 14 million Americans looking for work — a number expected to rise in Friday’s jobs report for August — this lack of turnover has made a tough job market even tougher.
All those baby boomers refusing to retire isn't going to help our unemployment situation...