Older workers’ expanding participation in the labor force may be at the expense of employment opportunities for younger workers.
One of the major trends in the U.S. workforce during the early 21st century is seniors’ expanding participation in the labor force. People who qualify for AARP membership have been retiring later and are more likely to be in the labor force now than people the same age were during the 1990s tech boom.
There have been significant changes for all seniors, but the increase is most striking among people 65 and older. For 75-year-olds, labor-force participation has risen to 14 percent from 9 percent since 2000. The number of people age 65 to 79 in the workforce has grown by 3.5 million. Of that, 1.6 million is due to the growing population in that age group, and 1.9 million is due to the increased propensity to work.
Employment helps seniors remain self sufficient.
The United States is going to be a very different place, demographically, for the next 30 years. Seniors putting in more years at the office will help ease that transition, cover a small part of Social Security’s deficit, and allow more older Americans self-sufficiency in their retirement.
The question remains how much this affects younger workers who are still suffering during this jobless recovery.
…workers 55 and under still have about 2 more million jobs to go before they recover all the jobs losses since the start of the great global depression …