America’s workforce is getting older as financial pressures of retirement keep workers in their jobs longer.
Some 23.2 percent of U.S. workers are older 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 workers older than 55 over a 10-year span, while the national workforce grew by 17.2 million workers.
Older workers make up the biggest share of employees in farming, ranching and agricultural manager roles at 54.4 percent. Several critical positions in education and transit also 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.
Workers can earn 8 percent more from their Social Security benefit for every year they work after their official retirement age (66 or 67, depending on birthday) until they reach 70 years old, according to Charles Schwab.
While individual workers older than 55 stand to gain important perks by working past retirement age, the industries that employ them are facing some tough questions because of it.
Companies need to come up with strategic ways to transition their workforce once their older employees stop working.
“As more workers delay retirement and some industries struggle to attract younger talent, employers may face growing pressure to plan for succession, retention and knowledge transfer,” MyPerfectResume Career Expert Dr. Jasmine Escalera, said in a statement.
Roles most at risk of their workforce aging out include laundry and dry cleaning, where its share of workers over 55 grew 13.1 percentage points, payroll and timekeeping clerks (9.4 percentage points) and personal care aides (6.1 percentage points), the MyPerfectResume study found.
