A silver tsunami is headed for Canada with all baby boomers set to hit retirement age by 2030, with far-reaching implications for Canada’s economy and labour market, a new RBC report says.

The RBC report comes as Statistics Canada said in a separate report Wednesday that Canada’s fertility rate reached record lows in 2024.

The boomer retirement wave, which started in 2011 when the oldest boomers turned 65, will reach its peak by the end of this decade, the Royal Bank of Canada report said.

By 2024, two-thirds of all boomers had reached retirement age.

“Remaining boomers will reach age 65 by 2030, bringing the largest retirement wave yet,” RBC economist Cynthia Leach said in the report.

While in the short term, Canada is seeing high unemployment amid the trade war with the United S

See Full Page