There’s a new workforce hitting the scene. Older workers are contributing more to the economy than ever before.
Did you know that most baby boomers are now 65 or older and are still part of the workforce? It’s true! In fact, changes in social security benefits and the return of early retirees during the pandemic have contributed to the increase in older workers. If you want to learn more, check out the Pew Research study released on December 13th for all the details.
Don’t be surprised if you start noticing a lot more older workers around. The share of older workers in the labor force has quadrupled since the mid-1980s, with about one in every five Americans over the age of 65 still being employed in 2023. And it looks like they’re here to stay, with nearly 60% of all labor force growth over the next decade expected to come from this group.
The rise of “age-friendly” jobs with more flexibility and less strenuous physical work involved have also helped older workers remain in the labor market, demonstrating just how adaptable and determined this group is.
These senior employees are working more hours than ever before, with 62% of older workers employed full-time, compared to only 47% in 1987. As a result of their dedication, they now contribute a whopping 7% of all wages and salaries paid by US employers, compared to just 2% in the 1980s. That’s a huge increase!
For more fascinating facts about older workers, check out the stats below:
11 million: The number of older workers in the US labor force.
62%: The share of employees over 65 who work full-time (defined as 35 hours a week or more).
$58,600: The average annual earnings of older workers, about 25% less than those for workers ages 25 to 64.
75%: The share of employees over 65 who are white. Younger cohorts in the labor force are more diverse, though most of them (59%) are white. However, the share of Black and Hispanic workers in both groups has been rising since the 1980s.
95 million: The number of Americans who will be 65 or older by 2060.