Boomer Bulge Still Impacts Labor Force
A theme runs through the infographic below: aging baby boomers are still a force of nature.
Created by Georgetown University’s Center for Retirement Initiatives, the infographic uses demographic data to show that boomers remain important to the labor market even as they grow older.
More than 9 million people over 65 work – a steep 65 percent increase in just a decade.
Two things primarily explain this increase. One reason is hardly surprising: the post-World War II baby boom that created the largest generation in history also created the largest living adult population (though Millennials will soon catch up).
On top of this, baby boomers are working longer for myriad reasons – among them, better health, inadequate retirement savings, and more education – which drives up their participation in the labor force.
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I’m a first wave boomer and proud of it. I did sorta retire at 65 but then found something I liked that was not run by young people who think we are done for. Now I am a co-author of a book and have my own fitness page on Facebook, plus I give tips and advice to old and young who have been thru cardiac problems such as I have. I walk a lot and go to gym regularly and am angered that the med profession doesn’t do really anything for the senior crowd except keep them limbered and breathing.
Roger – About your last sentence. I do not understand what the medical profession should be doing for the senior crowd?
So that appears to be a 63% increase in the number of workers 65 and over. That’s quite different from an increase in the percentage of people 65 and over who continue working. “63% increase between 2008 and 2018 in people 65 and older who are working” seems kind of vague on that.
Ken – yes, the 63% increase is the number of over-65 folks!
Thanks for reading closely – Kim
I retired, too at 66. Bored and isolated, poor me. About a year of that and I found a job that is 2 or 3 days a week. Pays a little and I have learned so much. Hope to work another year or so and be “useful” besides for myself.
I’m a 68 year old boomer (and Boston College MBA) who lost her job at 58 and was unemployable. At age 61, I bought a franchise called The Entrepreneur’s Source…I coach folks who are interested in being their own boss…and controlling their working career through franchise ownership. I plan on working my business into my 70’s. I love helping people understand that business ownership can be a great career alternative in their 50’s which can take a person into their 60’s and 70’s…to keep them engaged and also have a secondary revenue stream.