{"id":1863,"date":"2015-08-25T16:14:42","date_gmt":"2015-08-25T20:14:42","guid":{"rendered":"http:\/\/biznjoy.com\/dt\/njf\/?page_id=1863"},"modified":"2024-10-16T10:04:39","modified_gmt":"2024-10-16T14:04:39","slug":"employment-of-those-55-and-over","status":"publish","type":"page","link":"https:\/\/njfac.org\/index.php\/jobs-and-job-security\/employment-of-those-55-and-over\/","title":{"rendered":"Employment of Those 55 and Over"},"content":{"rendered":"<div class=\"entry-header\">\n<p class=\"authors\"><a href=\"https:\/\/www.epi.org\/publication\/older-workers-difficult-jobs\/\" target=\"_blank\" rel=\"noopener\"><span class=\"title-presub\">Many older workers have difficult jobs that put them at risk<\/span><\/a><span class=\"subtitle\"> Working longer is not a viable solution to the retirement crisis,<\/span> Morrissey, EPI 5\/23<\/p>\n<p class=\"authors\"><span class=\"pre-title\"><a href=\"https:\/\/www.epi.org\/publication\/older-workers-retirement-chartbook\/\" target=\"_blank\" rel=\"noopener\">The Older Workers and Retirement Chartbook<\/a>:<\/span> Older workers, Morrissey, Radpour, &amp; Schuster, 2\/23<\/p>\n<p>Older Workers Accounted For All Net Employment Growth In Past 20 Years\u00a0 Econintersect 2\/21<\/p>\n<p class=\"jeg_post_title\"><a href=\"https:\/\/401kspecialistmag.com\/older-workers-fear-unfriendly-job-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Older Workers Fear \u2018Unfriendly\u2019 Job Market,<\/a> Sullivan, 401Kspecialist, 2\/20<\/p>\n<\/div>\n<p><a href=\"https:\/\/scholarworks.umb.edu\/demographyofaging\/40\/\" target=\"_blank\" rel=\"noopener noreferrer\">New estimates &#8230; suggest that half of older adults living alone, and 23% of older adults living in t<\/a>wo-elder households, lack the financial resources required to pay for basic needs.Gerontology Institute, UMASS, 11\/19<\/p>\n<p><a href=\"https:\/\/safehaven.com\/news\/Breaking-News\/Americas-Workforce-Elderly-Workforce-To-Double-By-2028.html\" target=\"_blank\" rel=\"noopener noreferrer\">America\u2019s Workforce Elderly Workforce To Double By 2028<\/a>, <span class=\"article_byline\">Geiger, SafeHaven 9\/19<\/span><\/p>\n<p class=\"pg-h1 balanced-headline\"><a href=\"https:\/\/www.washingtonpost.com\/graphics\/2017\/national\/seniors-financial-insecurity\/\" target=\"_blank\" rel=\"noopener noreferrer\">The New Reality of Old\u00a0Age in America<\/a>: \u201cI\u2019m going to work until I die,\u201d &#8230; too costly to retire. Jordan &amp; Sullivan, Wash. Post 9\/17<\/p>\n<p><a href=\"http:\/\/crr.bc.edu\/briefs\/how-job-options-narrow-for-older-workers-by-socioeconomic-status\/\" target=\"_blank\" rel=\"noopener noreferrer\">How Job Options Narrow for Older Workers by Socioeconomic Status<\/a>, Rutledge et al, CRR, 8\/16<\/p>\n<p><a href=\"http:\/\/www.usatoday.com\/story\/money\/2016\/04\/23\/pensions-economy-workers\/83292892\/\" target=\"_blank\" rel=\"noopener noreferrer\">Disappearing pensions hurt U.S. economy as well as workers<\/a>, USA Today 4\/16<\/p>\n<p><a href=\"http:\/\/www.epi.org\/publication\/economic-security-elderly-americans-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Security of Elderly Americans at Risk<\/a>, EPI 6\/13<\/p>\n<p><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?graph_id=310431\" target=\"_blank\" rel=\"noopener\">Unemployment rate, 55 and over, 1970 to latest value<\/a>, St Louis Fed<\/p>\n<div class=\"embed-container\"><iframe style=\"overflow: hidden;\" src=\"https:\/\/fred.stlouisfed.org\/graph\/graph-landing.php?g=Wvcg&amp;width=670&amp;height=475\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/div>\n<p><script src=\"https:\/\/fred.stlouisfed.org\/graph\/js\/embed.js\" type=\"text\/javascript\"><\/script><\/p>\n<p>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&#8217;s to a minimum of about 29% in early 1990&#8217;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: &#8220;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.&#8221; [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.<\/p>\n<p><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?graph_id=321785\" target=\"_blank\" rel=\"noopener noreferrer\">LFPR WORKERS 55 AND OVER 1950 to latest value<\/a>, St Louis Fed<\/p>\n<div class=\"embed-container\"><iframe style=\"overflow: hidden;\" src=\"https:\/\/fred.stlouisfed.org\/graph\/graph-landing.php?g=Wvbu&amp;width=670&amp;height=475\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/div>\n<p><a href=\"https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-13023 size-large\" src=\"https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista-1024x734.png\" alt=\"\" width=\"900\" height=\"645\" srcset=\"https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista-1024x734.png 1024w, https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista-300x215.png 300w, https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista-768x551.png 768w, https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista-418x300.png 418w, https:\/\/njfac.org\/wp-content\/uploads\/2023\/01\/Employment-rate-by-age.-2000-2021-Statista.png 1503w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.statista.com\/statistics\/217899\/us-employment-rate-by-age\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.statista.com\/statistics\/217899\/us-employment-rate-by-age\/<\/a><\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/news\/2016-07-08\/90-june-job-gains-went-workers-55-and-older\" target=\"_blank\" rel=\"noopener noreferrer\">90% Of June Job Gains Went To Workers 55 And Older<\/a> Zero Hedge, 7\/16<\/p>\n<p>Index of Employment Levels &#8211; 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)<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/research.stlouisfed.org\/fred2\/graph\/fredgraph.png?graph_id=241284\" alt=\"\" \/><\/p>\n<p>&#8220;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.&#8221; [Porter, &#8220;Doing More, Not Less, to Save Retirees From Financial Ruin,&#8221; <em>New York Times,<\/em> 6\/16\/15]<\/p>\n<p><a href=\"http:\/\/cepr.net\/report\/low-wage-workers-still-older-smarter-and-underpaid\" target=\"_blank\" rel=\"noopener noreferrer\">Low-wage Workers: Still Older, Smarter, and Underpaid<\/a>, Bucknor, CEPR 5\/15<\/p>\n<p><a href=\"http:\/\/www.gao.gov\/products\/GAO-15-419\" target=\"_blank\" rel=\"noopener noreferrer\">Retirement Security: Most Households Approaching Retirement Have Low Savings<\/a>, GAO 5\/15<\/p>\n<p><a href=\"https:\/\/www.ssa.gov\/policy\/docs\/statcomps\/income_pop55\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">Income of the Population 55 or Over, 2014<\/a>, SSA 4\/16<\/p>\n<div id=\"malwarebytes-root\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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, &amp; Schuster, 2\/23 Older Workers Accounted For All Net Employment Growth In Past 20 Years\u00a0 Econintersect 2\/21 Older Workers Fear&hellip; <a class=\"more-link\" href=\"https:\/\/njfac.org\/index.php\/jobs-and-job-security\/employment-of-those-55-and-over\/\">Read More <span class=\"screen-reader-text\">Employment of Those 55 and Over<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":0,"parent":10,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-1863","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/1863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/comments?post=1863"}],"version-history":[{"count":12,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/1863\/revisions"}],"predecessor-version":[{"id":14286,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/1863\/revisions\/14286"}],"up":[{"embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/pages\/10"}],"wp:attachment":[{"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/media?parent=1863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/categories?post=1863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/njfac.org\/index.php\/wp-json\/wp\/v2\/tags?post=1863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}