Employment of Those 55 and Over

Many older workers have difficult jobs that put them at risk Working longer is not a viable solution to the retirement crisis, Morrissey, EPI 5/23

The Older Workers and Retirement Chartbook: Older workers, Morrissey, Radpour, & Schuster, 11/22

Older Workers Accounted For All Net Employment Growth In Past 20 Years  Econintersect 2/21

Older Workers Fear ‘Unfriendly’ Job Market, Sullivan, 401Kspecialist, 2/20

New estimates … suggest that half of older adults living alone, and 23% of older adults living in two-elder households, lack the financial resources required to pay for basic needs.Gerontology Institute, UMASS, 11/19

America’s Workforce Elderly Workforce To Double By 2028,

The New Reality of Old Age in America: “I’m going to work until I die,” … too costly to retire. Jordan & Sullivan, Wash. Post 9/17

How Job Options Narrow for Older Workers by Socioeconomic Status, Rutledge et al, CRR, 8/16

Disappearing pensions hurt U.S. economy as well as workers, USA Today 4/16

Financial Security of Elderly Americans at Risk, EPI 6/13

Unemployment rate, 55 and over, 1970 to latest value, St Louis Fed

PEOPLE AGE 55 AND OVER For the work force 55 years and over, the LFPR is quite different from that of earlier ages. The LFPR of this group declined from about 43% in the early 1950’s to a minimum of about 29% in early 1990’s. Since then, it has been rising and continued to rise during the recession. It has been about 40% [5/16] for about two years. One explanation is this: “Perhaps older Americans are being forced to work more because they have not saved enough for their retirement. This lack of savings may be a result of the recent economic trends in America: stagnant wages, depleted retirement portfolios (from the 2008 financial crisis), and rising health care costs.” [http://bpr.berkeley.edu/2013/04/the-declining-labor-force-participation-rate-why-this-trend-should-be-taken-seriously/] The age at which workers are eligible for full Social Security benefits is rising and will affect the choices available especially to those 62 and over. With a later age for full retirement benefits, those retiring earlier will suffer a larger decline in monthly benefits.

LFPR WORKERS 55 AND OVER 1950 to latest value, St Louis Fed

Source: https://www.statista.com/statistics/217899/us-employment-rate-by-age/

90% Of June Job Gains Went To Workers 55 And Older Zero Hedge, 7/16

Index of Employment Levels – 55 and up (blue line), 45 to 54 (red line), 35 to 44 (green line), 25 to 34 (purple line), 20 to 24 (light blue line), and 16 to 19 (orange line)

“Today, more than half of working households do not have enough assets to avoid a drop in consumption in retirement, according to analyses by Alicia H. Munnell from Boston College and her colleagues. The proportion of households in that group has increased by 10 percentage points in just the last 10 years.” [Porter, “Doing More, Not Less, to Save Retirees From Financial Ruin,” New York Times, 6/16/15]

Low-wage Workers: Still Older, Smarter, and Underpaid, Bucknor, CEPR 5/15

Retirement Security: Most Households Approaching Retirement Have Low Savings, GAO 5/15

Income of the Population 55 or Over, 2014, SSA 4/16