Kwasi Bandoh, a senior recruiter for an airline, stood before a group of aviation mechanic students at their graduation ceremony last month and congratulated them for all having jobs.

Video above: There is a massive air traffic controller shortage ahead of busy summer travel season

As some of the students began nudging each other, Bandoh realized that perhaps not every one of them had already been hired.

"Who doesn't have a job?" Bandoh demanded, surveying the 15 graduates before him at the Pittsburgh Institute of Aeronautics' training facility in Hagerstown, Maryland. "Who doesn't? Because I have a job for you."

The crowd of about 70 friends and relatives, gathered in a hangar where the students had been trained, laughed appreciatively. Fourteen of the 15 graduates did have jobs, and the only one who didn't have an interview lined up for the next day.

As happy as the moment was for the graduates, it epitomized the struggles of recruiters for airlines, plane manufacturers and repair shops that are desperately seeking mechanics. Most of their existing mechanics are aging, and travel demand is growing.

Across the U.S. economy, other industries, too, face the same formidable challenge: Replenishing a workforce diminished by a surge of retirements that began during the pandemic and has continued since. It's a growing problem in such fields as construction, manufacturing, nursing and some professional industries like accounting.

Since 2019, the proportion of retirees in the U.S. population has risen from 18% to nearly 20%, according to research by the Federal Reserve Bank of New York — equivalent to about 3.5 million fewer workers. And the trend seems sure to accelerate: The percentage of workers who are 55 or older is nearly 24%, up from only about 15% two decades ago.

The surge of retirements, along with a slowdown in immigration that began during the pandemic, are the primary factors behind the labor shortages that continue to bedevil some employers.

The aging workforce also helps explain the confounding nature of the economy right now. Even as the Federal Reserve has relentlessly pumped up interest rates to fight high inflation, hiring has remained surprisingly robust. Regardless of where interest rates are, many employers simply need to replace people who have left.

Job growth has been stronger, in fact, than economic growth would suggest. The economy expanded at a mediocre 1.3% annual rate in the first three months of 2023. Yet hiring was robust, averaging nearly 300,000 jobs a month. In April, the unemployment rate reached a half-century low of 3.4%. On Friday, the government will issue the May employment report, which economists predict will show another solid gain of about 190,000 jobs.

Companies that must fill jobs tend to raise pay to attract and keep workers — a trend that can fuel inflation as those same employers typically raise their prices to cover their higher labor costs. That dynamic is complicating the Fed's efforts to tame inflation.

In the airline industry, more than one-third of mechanics are between 55 and 64, according to government data. Fewer than one in 10 are under 30.

"Everybody's getting ready to retire, and not enough people are coming in to take the jobs," said Mike Myers, a maintenance manager for Piedmont Airlines, in Hagerstown, a regional feeder for American Airlines.

The new graduates of the Pittsburgh Institute of Aeronautics have been awed by how much they're in demand. One of them, Will Gower, said he weighed multiple job offers at nearly twice the $15-an-hour wage he had earned at the retail job he held while in school.

"It was almost overwhelming how many companies were throwing jobs at you," said Gower, 21. "Anywhere there's an airport you can go work."

Next month, Gower will join CommuteAir, Bandoh's company, along with three of his classmates, and will receive further training in Houston.

In the past year, the air travel industry has hired roughly 45,000 people, enlarging its workforce by 9%, to more than a half-million. That's triple the pace of the U.S. economy's overall hiring.

United Airlines has said it plans to hire 15,000 workers this year and more in coming years. It expects to add 2,300 pilots, in part to offset about 500 retirements. Kate Gebo, United's executive vice president of human resources, said she foresees a shortage of airplane mechanics, with up to half of United's mechanics already eligible to retire.

In the construction industry, the proportion of workers ages 55 and older doubled from 2003 to 2020, to nearly one-quarter, according to the government.

Anirban Basu, chief economist for the Associated Builders and Contractors trade group, said that in addition to aging, industries like aviation maintenance and construction share another challenge: Fewer young people want to take jobs in what are often perceived as less-secure, blue-collar work.

When the now-retiring baby boomers began working, Basu said, "There was the notion that being a blue-collar tradesperson was a solid and secure path to prosperity." But as factories shut down across the country, "the notion increasingly became that for one to become part of the American middle class, one would likely need to have more formal education, namely, a bachelor's degree."

The result, he said, is an economy short of factory workers, backhoe operators, welders, electricians and other skilled trade workers.

If there's one trend that might ease, if not solve, the problem it's that Americans below retirement age have been re-entering the job market, likely drawn by steady hiring and higher pay levels. The proportion of these adults who either have a job or are looking for one now exceeds pre-pandemic levels.

Yet for now, an aging workforce remains a problem even for some white-collar jobs, particularly accounting. About three-quarters of accountants are "nearing 60" and approaching retirement, according to the Association of International Certified Professional Accountants.

Tom Hood, an executive vice president of the association, said the industry is finding it hard to attract young college graduates. Many of them prefer data science or finance, while accounting struggles with a stuffier, more old-fashioned image.

"We're getting squeezed from the older part and the younger part as well," Hood said.

Nela Richardson, chief economist at the payroll provider ADP, said research shows that countries that have many retirees who spend money and consume and have fewer people working typically face higher inflation. In those countries, demand for goods and services tends to exceed the supply.

"This is the missing piece in terms of our dialogue about, can the Fed drive inflation back down to" its 2% target? Richardson said.

Some economists have said they worry that the job market's resilience, and the resulting fear that inflation will remain high, will lead the Fed to send its benchmark rate even higher, which could derail the economy and cause a recession.

Gower, who is from Covington, Louisiana, near New Orleans, isn't exactly worried about a recession. His new job as a line mechanic at Commute Air will pay $30 an hour to start, plus higher wages for night shifts.

"We've all got great futures ahead of us," he said.

Brian Prentice, a partner at the OliverWyman consulting firm, estimates that the aviation industry will endure a shortage of up to 18,000 mechanics this year — about 12% of current staffing levels. It will likely boost pay levels across the industry.

Mindy Pavlonis, associate director of career services for the aeronautics institute, noted that entry-level pay has jumped from about $18 an hour in 2018 to the upper-$20s an hour now.

More financial aid for young people to receive training can help address the worker shortfall, Prentice said, a benefit that some airlines are starting to provide. Myers, the manager at Piedmont, said his company now offers scholarships that pay full tuition to schools like the Pittsburgh Institute of Aeronautics. In return, the student must work at Piedmont for two years.

They will even set up new students with a $6,500 toolbox, he added.

Erik Hansen, a lobbyist for the U.S. Travel Association, says his group is pushing for more funding for a federal development program that would subsidize aviation maintenance training schools and support more outreach to high schools to promote the industry as a career.

Without more workers, he said, further flight delays will inevitably result.

"You have an airplane that has a mechanical issue, and it needs to be fixed before it's turned around," Hansen said. "It takes longer for the mechanics to get to it. There's going to be a flight delay. So it's absolutely something we need to address."

WASHINGTON, D.C. -- The rallying cry of protesters in the wake of the death of George Floyd is quickly becoming "defund the police."

THE REFORMS

Some departments are taking steps to do just that.

Los Angeles' mayor said he wants to cut the police budget by $150 million.

New York's governor has signed into law a comprehensive package of reforms, including allowing police disciplinary records to be made public.

Minneapolis' city council has committed to dismantling the police department.

The Colorado General Assembly is passing legislation allowing officers to be sued. Currently, police are immune from civil lawsuits under what is known as "qualified immunity."

All these steps have been praised by many advocates and for obvious reasons, they are tired of deaths like George Floyd's.

POLICE CONCERN

Police unions, however, are sounding an alarm. While some reforms are welcomed, like a ban on chokeholds, they say others go too far.

"Law enforcement is being crucified," Chief Alfonso Morales of the Milwaukee Police Department recently said.

Now, there is a warning that it could lead to early retirements or a drop in recruits.

"There are officers in my department talking about wanting to get out of law enforcement early," said Sgt. Rob Pride, a national trustee with the Fraternal Order of Police.

Pride is more than just a union representative. Pride met with President Trump at the White House this week.

Pride says movements to defund police departments will eliminate programs that most police officers actually like to take part in.

"We will be relegated to be a reactive police force at best with no additional programs and no additional interaction other than to enforce the law and arrest people. That's not a profession I want to be a part of," Pride said.

Pride also raised a concern about recruitment.

The Police Executive Research Forum reported that before the latest protests, 63% of police departments nationwide saw a decrease in applications to become an officer in the last five years.

"It's already difficult for us," Pride said.

Janine Vanderberg is the director of a Colorado-based initiative called Changing the Narrative, a campaign against age discrimination, something she says has increased during the pandemic.

"They were laid off. They were pushed out. They had their hours reduced. They had their salary reduced. I’ve heard hundreds of stories of people who not only want to work, but need to work basically for survival and are not able to," she said

According to a recent study by the New School Retirement Equity Lab, the pandemic forced an additional 1.7 million Americans into retirement than expected, saying that due to health risks and disproportionate job loss, more older workers were pushed into early retirement.

"One of the things that we know this is true in Colorado and across the country is that age discrimination isn't treated as seriously as other forms of discrimination," said Vanderberg.

Vanderberg says age discrimination is hard to prove but can be countered with proactive steps like getting rid of graduation dates on applications and putting money into re-training programs.

"If we're going to have successful workplaces where younger people and older people work together in any kind of workplace and gain the benefits of each other's perspective and insights and knowledge, why don't we train them together as well?" she asked.

But what about preparing for that unexpected early retirement? Financial experts say the earlier you prepare, the better.

"We've seen the turning point of most people not having large pensions and retirement, that, that notion of one day it all stops becomes a bit of an exercise and, and, and scares folks," said Scott Sparks, founder and CEO of Sparks Financial affiliated with Northwest Mutual.

He says the sooner you can establish a budget and figure out ways to put money away that can supplement your income, the more financial independence you will gain.

"If we can help our clients compartmentalize the time frames of when they're going to need and spend money, they become less emotional about their money. And we have a plan so that when we have market events, we can enter that in an opportunity mindset versus a scarce, fearful mindset that tends to cause people to panic," he said.

Whether it's planning years ahead or reaching out for help in the moment, there are avenues of help available if you find yourself in sudden retirement.

Meanwhile, Vanderberg hopes more employers realize the benefits of having a more diverse age range in the workplace.

"We can all sort of stop and think become aware of ageism. I like the concept of taking really small steps in our own lives to do something right," she said.

FAIRFIELD, Ohio — One by one, they kept walking through the front door of the Skyline Chili on Hicks Boulevard.

They were longtime Skyline customers, Fairfield firefighters, neighbors, co-workers and the mayor.

They were all there to see Duane Sparks and celebrate his retirement after 35 years as dishwater, bus boy and greeter at the Butler County chili parlor.

Sparks, 52, was hired when he was an 18-year-old client at Butler County Developmental Disabilities. He started at the Skyline across the street and moved to the Hicks Boulevard location when it opened about 25 years ago.

His mother, Jean Sparks, believes Duane’s 35 years working in a public setting is one of the longest in Butler County Developmental Disabilities history.

Sparks, wearing a cardboard crown with the words “The Legend Has Retired,” bounced around the inside of the restaurant, seemingly more excited to greet the next guest.

One of his highlights was riding in a blue convertible Corvette with Fairfield Mayor Steve Miller. He waited for the traffic to clear then “burned rubber” down the street, as Sparks put it.

“It was fun, very exciting,” Sparks said during his open house that was hosted by the restaurant’s owners, Dennis and Robin Kurlas.

Sparks was presented a 35-year pin by the owners.

Dennis Kurlas was asked what it’s been like having an employee with developmental disabilities working in his restaurant.

“We learned from him more than he learned from us,” he said. “It’s a gift that he gave us. He gave our community a gift.”

Rick McCrabb, Journal-News

His wife added: “He is such an integral part of not only the Skyline family but what he has done for the whole community. He has just touched everybody.”

His mother didn’t know he had developmental disabilities until he was 18 months old. He didn’t start talking until he was 5. He attended schools in Fairfield and Ross.

Jean Sparks said she felt a little sadness for her son.

“It’s an end of an era for him,” she said.

The Journal-News is a media partner of WCPO 9 News.

NEW ORLEANS, La. – Drew Brees announced Sunday that he’s retiring after 20 years in the NFL.

The quarterback made the announcement on Instagram, saying “it is time I retire from the game of football."

The 42-year-old spent a majority of his career with the New Orleans Saints, playing on the team for 15 years and helping them win a Super Bowl title in 2010. In fact, it was 15 years ago to the day when Brees signed with the team, NBC Sports reports.

“Each day, I poured my heart & soul into being your Quarterback. Til the very end, I exhausted myself to give everything I had to the Saints organization, my team, and the great city of New Orleans,” wrote Brees in his Instagram caption.

Brees specified that although he’s retiring from football, he’s “not retiring from New Orleans."

“This is not goodbye, rather a new beginning. Now my real life’s work begins!” wrote Brees.

Before his time in the NFL, Brees also had a successful college football career at Purdue University, becoming one of the most decorated players at the school and in Big Ten Conference history.

In his retirement post, Brees included a video of his children saying their dad can now spend more time with them.

If you hope to retire within the next decade, now is a good time to map out a strategy. Having a well-thought-out plan will minimize the stress that comes with such a big transition -- and maximize your financial security.

"It takes at least three years to run through all of the adjustments and thoughtful discussions to be had. There are quite a few variables, so it is important to build solutions rather than attempt to craft it all in a year," said San Diego-based certified financial planner Leonard Wright.

Here are five key issues to consider as you begin to tailor a plan.

1. Figure out what you'll be spending

Most people want to be able to have enough money in retirement to maintain their quality of life. Well, how much is that quality costing you?

"The single biggest thing that someone can do to help themselves with retirement planning is figuring out what they spend now," said Ann Minnium, a certified financial planner based in Margate City, New Jersey.

Create a list of your present-day expenses. Then edit it to better reflect what you'll likely be spending 10 years from now.

So, for instance, cross off current expenses that won't be an issue when you retire, such as those college tuition payments you no longer will need to make, or a mortgage that might be paid off.

Then add new expenses you are likely to incur, such as the cost of unsubsidized health insurance if you retire before you qualify for Medicare. Think, too, about anticipated costs over time if your health declines.

Consider as well what vision you have for how you want to spend your time in retirement, Wright suggested, like travel or hobbies. Then figure out the costs associated with those activities.

Also if you're someone who buys a new car every few years, put that on the list too.

In terms of living expenses, do you plan to move to a lower-cost area when you retire?
"Do some reconnaissance first," Minnium suggested, like visiting locations on your wish list to get a better feel of what things cost there.

2. Set up a more conservative portfolio

Unless you have a sizeable pension, your accumulated savings in a 401(k) or 403(b), IRAs and brokerage accounts are likely to be your biggest source of financial security, followed by Social Security.

Your nest egg will be near its highest point as you approach retirement.

Which is why you want to do all you can to protect it against major market downturns, which are inevitable. But the riskiest time for such a downturn is in the five years before you retire and the five years after because you will start drawing down from a portfolio that has not had a chance to recover, Minnium noted.

So in the run-up to retirement, she suggests moving money away from stocks, and keeping a bigger portion in more stable investments, like bonds or cash. "Invest more conservatively during that time, with a smaller allocation to equities. You can start adding more equities again [once you're several years into retirement.] It's not a permanent decision," she said.

3. Figure out how much in savings you'll need to withdraw

The biggest psychological adjustment for everybody when they first retire is not having a steady paycheck anymore.

"It feels like you're taking away a security blanket," Wright said.

Another big adjustment is moving from an accumulation mindset -- after all, you've been focused for decades on building up your savings -- to a preservation mindset so that you don't outlive your money.

To figure out how much you'll need to draw from savings to help meet expenses, first figure out what fixed sources of income you'll have coming in from pensions and Social Security benefits.

(Consider, too, how your Social Security benefits will differ depending on when you first claim them -- either early at age 62, at your full retirement age or at age 70, after which point your benefit will not increase further.)

Then subtract that fixed income amount from your assumed monthly expenses to figure out how much you'll need to draw from savings to fill the gap.

4. Strategize how to draw down your nest egg

The discussion about how much to withdraw from savings so that you don't outlive your money often centers around withdrawal rates -- is 4% a year feasible? What happens if I draw down 5%?

But equally important is where you draw your money from and when.

That's because you'll likely have taxable sources such as a 401(k), and non-taxable sources like Roth IRAs, as well as market-dependent accounts (e.g. stocks and mutual funds) and non-market dependent income (e.g., pensions, annuities and cash).

You also will have to take required minimum distributions from your traditional IRAs starting at age 72, whereas Roth IRAs do not have any such requirement.

Your goals should be to minimize your tax bite and buffer yourself against any market downturn.

"The key is not having to sell equities in a down market," Minnium said.

So, for instance, if your sources of non-market dependent income aren't enough to fill the gap that your equity withdrawals provided, you might decide to use a home equity line of credit to tie you over, or tap the cash value of a life insurance policy, she suggested.

5. Get outside help creating a plan

Setting up a financial plan to retire within a decade can get complex.

And it's made more so by periodic changes to rules governing retirement vehicles, such as those in the SECURE Act of 2019 and its sister legislation currently under consideration called the Securing a Strong Retirement Act of 2021.

So even if you don't want to pay someone else to manage your nest egg on an ongoing basis and charge you a percentage of your assets, you might invest a few hours to work out a roadmap with a fee-only certified financial planner who specializes in retirement issues.

To find one, check the Garrett Planning Network and the XY Planning Network.