Not only are there significnatly more Americans over the age of 65 in the workforce today, compared with 30 years ago, a December 2017 study by SeniorLiving.org says that their numbers are growing rapidly, increasing nearly 35 percent just between 2011 and 2016.
According to a report from the Society for Human Resource Management, the senior segment is projected by the Bureau of Labor Statistics to be the fastest-growing group in the workforce through 2024. While in 2011, 6.6 million Americans age 65 or older were working in the U.S., by 2016 that number had risen to 8.9 million people—an increase of nearly 35 percent.
Whatever happened to retirement? In a word, money. In another, longevity. "Several factors influence how long people stay in the labor force," Jen Schramm, SHRM-SCP, senior strategic policy advisor for labor market issues at the AARP Public Policy Institute, is quoted saying in the report.
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Schramm elaborates, "Increasing longevity means that people need to finance a longer period of retirement. Many people have not saved enough money for retirement and are facing increased costs of living—particularly burdensome are housing costs and medical expenses."
AARP has tracked elder employment for more than 30 years, and has found that in 1985, Americans age 65 or older made up about 11 percent of the workforce, with older men at 15 percent and older women at just over 7 percent overall. But in 2017, they made up 19.3 percent of the workforce, with men at roughly 24 percent and women at roughly 16 percent.
The SeniorLiving study finds that management, sales and office support are the top three occupations for those 65 and older, with management taking the top spot with about 1.4 million older workers in 2016. Between 2014 and 2015, it adds, the number of older workers in management rose by about 13 percent. Sales came in second, employing 1.2 million, while office support accounting for another 1 million.
The BLS defines management positions as chief executives and legislators, in addition to managerial jobs in advertising and marketing, public relations, computer and information systems, human resources, industrial production, transportation and storage, agriculture, construction, education, architecture, engineering, food service, funeral service, gaming, lodging, medical and health services, and real estate.
Sales jobs, which are taking a heavy hit lately—particularly for women—thanks to the growing woes of the retail industry in the age of Amazon, are defined as cashiers, counter and rental clerks, and certain positions in advertising, insurance, securities commodities and financial services, travel, wholesale and manufacturing, telemarketing and real estate.
Where aren't older people working? The field with the fewest number of seniors is teaching, with just 5 percent of elementary and middle school teachers in 2016 made up of older Americans. College and university teachers seemed to fare better, however, as they made up about 11.3 percent—thanks in part to tenure, with 15 percent of older staff saying they plan to stay till they turn 80.
Older women plan to work later in life than older men, even though they make up a smaller proportion of the workforce.
Says Schramm in the report, "AARP research has found that among people ages 65 to 74 who are currently working or looking for work, 35 percent cite the need for money as the most important factor in their decision to work. Finances are therefore likely a key factor for many women working later in life. Approximately 19 percent of people ages 65 to 74 say that the most important factor in their decision to work is that they enjoy working."
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