Older Workers
- In 2008, there were 17.4 million women 55-64 and 16.1 million men in the same age group.1
- 67.7% of women 55-59 and 48.7% of women 60-64 were in the labor force
- 78.8% of men 55-59 and 59.9% of men 60-64 were in the labor force
- In 2008, there were 21.1 million women 65+ and 16 million men in the same age group.1
- 26.4% of women 65-69 and 14.3% of women 70-74 were in the labor force
- 35.6% of men 65-69 and 21.9% of men 70-74 were in the labor force
- 7.3% of people 75+ were in the labor force.1
- By 2050, workers 55 and older will make up 22.9% of the labor force, up from 16.2% in 2005 and 13.1% in 2000.2
- The group of workers ages 55 and older will see the greatest increase of any of the working groups. Percent increase between 2005 and 2050 for:2
- Workers 55 and older: 83.7%
- Workers 25 to 54: 21.0%
- Workers 16 to 24: 15.8%
- The annual growth rate between 2005 and 2050 for workers 55 and older is far greater than for other age groups:2
- Workers 55 and older: 1.4%
- Workers 25 to 54: 0.4%
- Workers 16 to 24: 0.3%
- The labor force participation rate of older workers has increased since 1990 and is projected to continue increasing.2
|
|
1990
|
2000
|
2005
|
2010
|
2020
|
2030
|
2040
|
2050
|
|
People 55-64
|
55.3%
|
59.3%
|
62.9%
|
64.0%
|
67.0%
|
66.4%
|
66.7%
|
66.2%
|
|
People 65-74
|
11.8%
|
12.9%
|
15.1%
|
17.5%
|
21.5%
|
20.2%
|
18.1%
|
17.7%
|
- According to a Prudential Financial study of people aged 55-70, women are more concerned about retirement than men, primarily because of financial reasons:
- Women are more likely to be concerned about retirement security. 50% of women as opposed to 50% of men worried about not having enough money to live on.3
- Women were also more concerned about inflation eroding their buying power than men (82% of women as opposed to 72% of men). 3
- Another Prudential Financial study examined financial concerns of women of various generations:
- 53% of women consider themselves way behind in saving for their retirement, including some survey respondents who have not started saving at all.4
- More members of the Mature Generation (ages 62-68 in this study) than any other generation felt very well prepared for retirement than any other generation.4
- The Equal Employment Opportunity Commission recorded 24,582 age discrimination complaints in 2008, an increase from 19,103 in 2007.5
- Age discrimination complaints accounted for 25.8% of all discrimination claims filed with the agency.5
Sources
1 Current Population Survey, Bureau of Labor Statistics, "Table 3: Employment status of the civilian noninstitutional population by age, sex, and race," Annual Averages 2008 (2009).
2 Mitra Toosi,"A new look at long-term labor force projections to 2050," Monthly Labor Review (November 2006).
3 Prudential Financial, Are You Ready for the Retirement Red Zone? (June 2006).
4 Prudential Financial, 2008-2009 Prudential Study: Financial Experience and Behaviors Among Women (2008).
5 U.S. Equal Employment Opportunity Commission, Charge Statistics FY 1992 through FY 2008.
UPDATED March 11, 2009
