The “Silver Tsunami of Retirees”

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The November Jobs Report, which was just released today contained a stunning statistic: A staggering 95 million Americans are not in the U.S. labor force. This the highest number ever in the history of record keeping of unemployed U.S. workers. The so called “Silver Tsunami of Retirees” grew by 446,000 last month alone, as the number of jobs added to the workforce was 178,000 jobs for November. Currently 10,000 baby boomers are retiring every month and even thought the U.S. unemployment rate has dropped, there has been no growth in wages. As of September there were 5.5 million job openings meaning there are lots of available jobs, but not enough of qualified people to fill the positions.

There are a number of challengers facing the next wave of retirees. Among them:

* Late Planning for Retirement- The latest research by IMCA Research Quarterly finds that most households fail to make retirement planning a priority until the critical wealth accumulation years have passed.
* Trying to make up for it late in life- Almost 70% of 401(k) participants age 60 to 69 believe they are behind in saving for retirement, and the majority of that group felt more than slightly behind.
* Lacking Formal Retirement Income Plans- IMCA finds that, on average, half of households have a formal plan that outlines a specific income stream in retirement. This means that close to half of households do not have a formal retirement income plan.
* Not as many qualified advisors- The average advisor age is 50 years old, and 36% of advisors plan to retire within the next 14 years.

Watch more from CNBC on what the latest jobs reports and unemployment rate really means to America below.

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