Seniors Americans over 75 lead workforce growth with longer hours and higher pay

Ever wondered about the future of work as you age? 

Brace yourself, because seniors over 75 are spearheading a workforce revolution, clocking longer hours and enjoying higher pay than ever before.

Have you noticed a shift in the workplace landscape? 

Recent research unveils a surprising trend - seniors over 75 are emerging as the fastest-growing group in the workforce. The Pew Research Center reports a threefold increase in older adults employed, soaring from 2% in 1987 to a robust 7% today. Not only are they working longer hours, but they are also commanding greater paychecks, reshaping the definition of retirement.

In the American job market, the senior force is a powerhouse, with around 11 million older workers – a staggering fourfold increase since the mid-1980s. Brace yourselves for more, as the Bureau of Labor Statistics predicts a whopping 97% growth in the number of older Americans (75 and older) joining the labor force in the next decade.

Why the silver surge? 

Well, increased life expectancy, evolving retirement plans, and economic necessity play pivotal roles. Policy changes also contribute, as Social Security benefits now kick in at 67 instead of 65. The health of older Americans is on the rise, coupled with higher education levels, opening doors to flexible and less strenuous work, making continued employment not just viable but enjoyable.

What does this mean for you? 

Firstly, prepare for a lengthening work life. The days of retiring at 60 are fading. The average expected retirement age has jumped to 66, with 41% of American workers eyeing roles beyond 65. A global study even predicts that a whopping 150 million jobs will shift to workers over 55 by 2030.

As you navigate these changes, remember that job satisfaction matters more than ever. 

Older workers, more than twice as likely as their younger counterparts, prefer working on their own terms, with over 65s expressing higher job satisfaction levels. 

The rise of "flexitirement" – phased retirement programs – offers options to work fewer hours while still enjoying income and benefits.

Lastly, a critical consideration is retirement savings. 

Nearly half of Americans aged 55 to 66 lack personal retirement savings. To ensure that you can wind down work on your terms, a solid retirement plan is crucial. 

It's time to rethink retirement and embrace the silver surge, leading the charge in a workforce revolution where your golden years are more productive and rewarding than ever.