Older workers a growing segment of the workforce

Whatever the reasoning, it is clear that more older people are remaining at work or returning, with the greatest growth coming from those 55 and older. In 2000, only 19% of those between 65 and 74 were working, a percentage expected to grow to 32% by 2030.

by Steven A. Morelli

More older Americans are claiming they relish the opportunity to continue working. But do they really?

A third of people between 65 and 74 and 12% of people over 74 expect to still be working by 2030, according to a study.

More workers are expecting to extend their work lives, and they might be tricking themselves into believing that they want to do it rather than having to do it, according to findings from the survey report “Employment Extenders: A (labor) force to be reckoned with” from Voya Cares and Easterseals.

Most “employment extenders” said they want to work longer, but most of them also say they have not saved enough for retirement, with a majority having less than $500,000 in savings. The survey polled 1,062 of what the researchers called employment extenders — half 50 and older who previously retired but are currently working, the other half at least 65 and planning to work past retirement age.

Only 43% said they were working to cover current or future expenses, but nearly all (92%) older workers said they needed or wanted more money for retirement. Needing the money was No. 8 of the reasons most cited for working past retirement age. Simply being able to work was No. 1.