They may be written off in the job market and even byHollywood, but don’t sell oldergenerations short; AARP says they’re not only redefining aging, buthaving an effect on the economy that goes beyond sheer numbers.

The study “The Longevity Economy: How People Over 50 areDriving Economic and Social Value in the U.S.,” commissioned byAARP in conjunction with Oxford Economics, found that 50-plus folksstaying in the workplace are “redefining aging” as well ascontributing an increasing amount to the economy. In 2015, thatgroup was responsible for $7.6 trillion in economic activity — upfrom $7.1 trillion in 2012 — and that economic contribution willcontinue to rise.

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The report examined the so-called “longevity economy” acrossfive major themes: changing demographics; consumer behavior;economic contribution; labor market activity; and philanthropy andwealth.

The 50-plus population, it said, generated about 42 percent ofnational GDP, despite only making up about 35 percent of theoverall U.S. population (111 million people). In addition, thelongevity economy generated $1.8 trillion in federal, state, andlocal taxes — approximately 34 percent of federal taxes and 41percent of state and local taxes.

The research also found that direct spending on consumer goodsand services, including health care, by 50-pluses totaled $5.6trillion in 2015, while the under-50s spent just $4.9 trillionduring the same period.

Not only do the over-50s spend more overall than the under-50s,they do the majority of the spending in several categories,including health care, nondurable goods, durable goods, utilities,motor vehicles and parts, financial services and householdgoods.

With under-50s not just stagnating but declining within thelabor force, the report said that the increasing participation ofthe 50-pluses “will cushion potential labor shortages and continueto contribute to national productivity and growth.” Not onlythat, but they’ll be responsible for lots of new businesses — infact, over the past 10 years, entrepreneurially minded folks over50 started 1 out of every 3 new businesses in the United States

And they’re doing a lot of volunteering — more than othersegments of the population, at an average of 130 hours a year — aswell as engaging in lots of other philanthropic activities.

The 50-pluses who make up the longevity economy are not onlybreaking stereotypes and exhibiting a distinct consumer profile,but also “driving demand for and funding a multitude of newproducts and services, especially ones that adopt technologicalinnovation.” In addition, 83 percent of U.S. household wealth isheld by people over 50.

While currently the majority of that demographic is made up ofwhites, shifting immigration and birth rates by race/ethnicity willchange that. In fact, the report said, “By 2050, Black, Hispanic,Asian, and other non-white groups will make up 45 percent of the50-plus cohort, compared with 26 percent in 2015. This changingcomposition will influence the types of goods and services that the50-plus population consumes as well as investment andentrepreneurship activities that emerge from the LongevityEconomy.”