A recent report that painted a grim financial picture for retiring baby boomers contained a warning that should catch everyone's attention: the retirement crisis could impact the entire national economy.

The exit of "peak" baby boomers from the U.S. workforce will shave 7.3% in GDP growth from the national economy by 2030, researchers projected in the Alliance for Lifetime Income's Retirement Income Institute report issued last week.

The retirement of 10% of the workforce will roil the U.S. economy, depress consumer spending while increasing business costs, study author Robert J. Shapiro, former undersecretary of commerce for economic affairs under President Bill Clinton, said in an interview.

“This will particularly squeeze profits in industries being forced to replace large numbers of their workforce," he said. "They’ll lose more experienced and productive workers and have to deal with the very substantial business cost of replacing workers. So, I’d expect them to take a major hit to productivity and profitability."

The finance and insurance industries, including wealth management, will lose 761,000 employees and managers over the next five years—10% of their workforce, according to the study. In the smaller financial advisor universe, other estimates are even higher, with between 20% or 25% of advisors planning to retire.

The industry most impacted will be the healthcare and social assistance industries, which will have to replace 2.1 million peak boomers by 2030, Shapiro said. Manufacturing is slated to lose 1.8 million employees, construction 1.25 million, retail more than 1 million and professional services 1.2 million employees by 2031.

“The output losses directly associated with the peak boomers exiting the workforce through 2030 is between $6.9 trillion and $9.6 trillion dollars," he said. "That’s the amount those workers produce. Other workers will take their jobs and total labor force will increase, but the impact will still be significant."

As a result, the retirement of peak boomers will reduce by about 1% off the 2% to 2.1% average annual growth rate forecast by the Congressional Budget Office, he added.

“The downward pressure on growth is down almost 1% as a result of peak boomers retiring,” Shapiro said.

The retirement of peak boomers will also dampen consumer spending by 15.3%, he said. The sectors hardest hit by peak boomers’ reduced spending will be transportation, housing, transportation, apparel, entertainment and food, the study found.

Spending will be particularly crimped for boomers in retirement because most don’t have enough assets to maintain their lifestyles for 20 or more years, Shapiro said.

“The demographic bulge we’ve identified is substantial enough that it will have macro effects at the same time we’re facing the prospects of millions and millions of retirees being unable to maintain their lifestyles. That has large social effects, especially since the retirees who will be most affected are the least educated people,” Shapiro said.

The new study found that the education level attained by a peak boomer was the greatest determinant of retirement assets, he added.

Those without high school diplomas have socked away just $7,000 for retirement, high school graduates have managed to save $75,000, while college graduates have accrued $591,000, Shapiro said.

The study found just 14.6% of peak boomers had managed to save $500,000, while 52.5% have assets of $250,000 or less, meaning “nearly two-thirds will strain to meet their needs in retirement,” the study found.

Because of that, “a significant number of peak boomers say they plan to work longer and retire very late. Some 20% report that they’ll retire later than 2034, when the youngest peak boomers will be 70 and the oldest 76. But that will be offset by the 20% who say they plan to retire before age 65,” Shapiro said.