Older Workers
- In 2010, there were 21.9 million women 65+ and 16.8 million men in the same age group in the U.S. population.2
- 27.0% of women 65-69 and 14.7% of women 70-74 were in the labor force
- 36.5% of men 65-69 and 22.0% of men 70-74 were in the labor force
- 7.4% of people 75+ were in the labor force.3
- 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 2000.4
- 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:5
- 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:6
- 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.7
|
|
1990
|
2000
|
2005
|
2010
|
2020
|
2030
|
2040
|
2050
|
|
People 55-64
|
55.0%
|
59.3%
|
62.9%
|
64.0%
|
67.0%
|
66.4%
|
66.7%
|
66.2%
|
|
People 65-74
|
16.7%
|
19.2%
|
22.4%
|
25.0%
|
28.6%
|
27.9%
|
27.3%
|
27.6%
|
- According to a study by the Hartford Financial Services Group and the MIT AgeLab study, women worry much more about many aspects of retirement, than men. 8
- 83% of women versus 69% of men are concerned about inflation and their retirement.
- 64% of women versus 46% of men are concerned about outliving their nest egg.
- 87% of women were concerned about the rising cost of healthcare vs. 77% of men.
- A Prudential Financial study examined financial concerns of women of various generations, finding the following:
- 25% of women consider themselves way behind in saving for their retirement. Women in this group feel they have too much debt and are spending on what they need and not what they want.9
- Women approaching retirement (ages 55-64) are no more likely to feel "very confident" about achieving financial goals than younger segments.10
- The Equal Employment Opportunity Commission recorded 23,264 age discrimination complaints in 2010, an increase from 22,778 in 2009 and 16,008 in 2000.11
- Age discrimination complaints accounted for 10.7% of all discrimination suits filed with the agency in 2010.12
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 2010 (2011).
2 Current Population Survey, Bureau of Labor Statistics, "Table 3: Employment status of the civilian noninstitutional population by age, sex, and race," Annual Averages 2010 (2011).
3 Current Population Survey, Bureau of Labor Statistics, "Table 3: Employment status of the civilian noninstitutional population by age, sex, and race," Annual Averages 2010 (2011).
4 Mitra Toosi, "A New Look at Long-term Labor Force Projections to 2050," Monthly Labor Review (November 2006).
5 Mitra Toosi, "A New Look at Long-term Labor Force Projections to 2050," Monthly Labor Review (November 2006).
6 Mitra Toosi, "A New Look at Long-term Labor Force Projections to 2050," Monthly Labor Review (November 2006).
7 Mitra Toosi, "A New Look at Long-term Labor Force Projections to 2050," Monthly Labor Review (November 2006).
8 "Fear Factor: Women Far more Worried about Retirement than Men—With Good Reasons," MarketWatch (July 27, 2008).
9 Prudential Financial, 2008-2009 Prudential Study: Financial Experience and Behaviors among Women (2010-2011).
10 Prudential Financial, 2008-2009 Prudential Study: Financial Experience and Behaviors among Women (2010-2011).
12 EEOC Litigation Statistics, "FY 1997 through FY 2010."
UPDATED April 8, 2011
