People are delaying retirement to stay mentally engaged and financially secure.
By Jack Kelly
Senior Contributor
Forbes
There is an increasing trend of older workers remaining in the labor force. A Pew Research study this month found that the number of working Americans ages 65 and older has nearly doubled in 35 years. The Pew data reveals that approximately one in five Americans in this age group were employed in 2023.
Older workers also work longer hours and earn higher pay than previous decades. The survey shows 62% percent are full-time employees, up 15% since 1987. At that time, the typical worker aged 65 or older made $13 per hour, whereas in 2022, they earned $22 per hour. AARP reported that the average income of retirement-age workers was $78,000 in 2019, which soared 63% from 1985.
Seasoned workers have contributed significantly to the growth of the labor force. Experts predict that the percentage of older workers in the labor force will continue to increase in the coming years. According to the United States Bureau of Labor Statistics, this demographic is projected to comprise 8.6% of the workforce in 2032, up from 6.6% in 2022.
