America’s workforce is getting older as financial pressures of retirement keep workers in their jobs longer.
Some23.2 percent of U.S. workersareolder than 55, increasing by 17.3 percent over the last decade, according to an analysis by online careers development platform MyPerfectResume. Older workers’ growth rate outpaced the total workforce’s 11.3 percent increase.
“Employment has grown steadily over the past decade,” the study said. “But the more important shift isn’t just how many people are working; it’s who’s working and how old they are.”
The economy added 5.6 million workersolder than 55over a 10-year span, while thenational workforcegrew by 17.2 million workers.
Older workersmake up the biggest share of employees in farming, ranching and agricultural manager roles at 54.4 percent. Several critical positions ineducationandtransitalso have large groups of older workers.
Some 51.9 percent of school bus drivers and 48.1 percent of transit and intercity bus drivers are older than 55, according to MyPerfectResume.
The study’s results reflect a shifting landscape in the American economy where older workers are putting off retirement or coming out of retirement to work.
Staying in the workforce longer of putting retirement on pause provides several benefits to older workers. Working can help future retirees put off Social Security payments until they’re 70, which entitles them to a bigger payment each month than if they took their benefit from 62 to 69 years old.
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Source: Drudge Report
