A growing number of individuals are extending their careers well beyond the traditional retirement age, according to a report from U.S. Money Reserve.
After reaching a low of 10.8% in 1985, the labor force participation rate among individuals aged 65 and older has steadily climbed, reaching 19.2% in 2023. This trend is influenced by several factors, including economic necessity, personal fulfillment, and governmental policies that encourage extended participation in the workforce.
The labor force participation rate of individuals aged 65 and older varies significantly across the country, however. Researchers ranked locations by the share of the 65-and-older population in the labor force, taking into account people who were either employed, or unemployed but actively looking for work.
These are the main takeaways from the report:
- Among the occupations with the highest overall numbers of over-65 workers, roles such as delivery drivers and route salespersons (324,000 workers), retail salespersons(304,000), and janitors and building cleaners (256,000) are prominent.
- In terms of the highest share of workers aged 65 and older, funeral and related workers lead with 42.2%. Similarly, school bus monitors (31.6%), crossing guards and flaggers (30.8%), and school bus drivers (29.7%) also have high concentrations of older workers.
- Among states, Vermont has the highest share of its over-65 population in the labor force at 24.8%, followed closely by other New England states such as Massachusetts(23.8%) and New Hampshire (23.0%), along with Connecticut (22.6%). These areas tend to have both high educational attainment—which means individuals are more likely to have occupations they can continue in even as physical abilities decline—and high living costs, which likely incentivize older individuals to save more for retirement.
- Less expensive southern states with lower levels of educational attainment tend to have the lowest rates of senior labor force participation. Examples include West Virginia (14.0%), Alabama (15.7%), Kentucky (16.0%), and Mississippi (16.1%).
And here are some key stats for the Asheville, NC metro area:
- In the Asheville metro area, residents aged 65 or older make up 23.8% of the total population, compared to 17.3% nationwide.
- The median income for full-time workers over 65 in the Asheville metro is $60,000 annually, compared to $56,000 nationwide.
- Overall, 16.6% of the Asheville metro’s over-65 population is still in the labor force. That compares to 18.7% nationwide.
Written by Lattice Newswire.