Americans 65 or older are twice as likely to work now than in 1985
Via the Seattle Times:
Just as single-income families began to vanish in the last century, many of America’s elderly are now forgoing retirement for the same reason: They don’t have enough money. Rickety social safety nets, inadequate retirement savings plans and sky high health-care costs are all conspiring to make the concept of leaving the workforce something to be more feared than desired. For the first time in 57 years, the participation rate in the labor force of retirement-age workers has cracked the 20% mark, according to a new report from money manager United Income. As of February, the ranks of people age 65 or older who are working or seeking paid work doubled from a low of 10 percent back in early 1985. The biggest spike in employment has gone to college-educated older workers; the share of all employees age 65 or older with at least an undergraduate degree is now 53%, up from 25% in 1985. This rise of college-educated older workers has pushed the demographic’s inflation-adjusted income up to an average of $78,000, 63% higher than the $48,000 older folks brought home in 1985. By comparison, American workers below the age of 65 saw their average income rise by only 38% over the same period, to an average of $55,000. United Income’s calculations draw on recently released data from the Census Bureau and the Bureau of Labor Statistics.