The number of Americans aged 65 and older in the workforce has increased significantly over the past decade, outpacing overall labor market growth. Driven by factors like rising living costs, smaller Social Security benefits, and a longer lifespan, many retirees are choosing to continue working, contributing to a more robust labor market and ensuring their financial well-being.
Federal data shows the size of the American workforce ages 65 and older has ballooned over the past decade and far outpaced the overall market.When it came time for Diane Wetherington to consider retirement, reality quickly set in.
That growth has meant workers ages 65 and older accounted for 7% of the total workforce in 2024. That share is up from around 5.7% a decade ago."It's really hard for many employers in many sectors to fill key workforce needs right now," said Jim Malatras, strategy chief at FedCap, a nonprofit that helps train and place people in jobs. Tapping this age group"can help build key capacity where it's desperately needed.
Yet there are vastly different reasons and experiences for people of retirement age to continue working in some capacity, said Teresa Ghilarducci, director of The New School's Retirement Equity Lab. Part of Tinsley-Fix's argument for employers is the impending"tsunami" of retirements expected within the next decade. If companies don't tap into groups they previously overlooked, she warned, they'll struggle to stay at full staffing, as not enough people enter the workforce each year to replace those who left.
Retirement Labor Market Economy Social Security Ageism
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