“I’m going to retire!”
These words can be as jarring to an employer as “I quit!”
Approximately 10,000 baby boomers have been turning 65 each day in the United States since 2011, and that trend is expected to continue through 2029. But the rate is picking up. Today, more than 11,200 Americans turn 65 each day, a phenomenon experts are calling the “Peak 65” moment.
While most retirees will give as much as a year’s notice, that doesn’t mean you have time to delay in searching for their replacement. Too often, companies wait until the retirement party is on the calendar. This leads to a rushed and reactive hiring process—and sometimes, settling for the best available option rather than finding the ideal fit.
Why You Shouldn’t Wait
Hiring is harder and slower than ever. With unemployment low and competition high, it can take months to source, interview, and onboard the right candidate—especially for leadership or specialized roles. Waiting until the final months of a retiree’s tenure compresses this timeline and increases the risk of:
- Knowledge loss: Without overlap, there’s no time for training, documentation, or informal knowledge transfer.
- Operational disruption: Critical functions can stall or be handled inefficiently during a staffing gap.
- Culture misalignment: A rushed hire may be technically qualified but not the right long-term fit for your team.
- Extra cost: You may be forced to bring in interim help or pay a premium for speed.
What to Do Instead: 3 Steps to Get Ahead
1. Identify future retirements early.
Start with a workforce review. Which key employees are likely to retire in the next 1–3 years? Have open, respectful conversations to understand their timelines and expectations.
2. Build a succession and hiring plan.
Even if you’re not ready to post the role, start outlining the skills, responsibilities, and leadership traits needed in a replacement. Consider whether internal talent could grow into the role or if you’ll need to conduct an external search.
3. Overlap the transition.
Allow time for both formal training and informal shadowing. A 4-8-week overlap can make a huge difference in how quickly the new hire gets up to speed—and gives the retiring employee peace of mind that they’re leaving their role in good hands.
Plan Ahead, Exit Smoothly
With a little foresight, a retirement doesn’t have to leave you scrambling. It can be a positive transition—one that honors the retiring employee’s legacy while setting up the next generation for success.
