More Americans, Especially Women, Staying in the Workforce
Longer At Senior Helpers Of Manahawkin NJ we empathize with the men and women who are dealing with this tough choice to stay in the workplace
With
less guaranteed income when they retire, a larger number of older
workers remained in the workforce in 2010, according to the Employee
Benefit Research Institute.
On
Friday, EBRI released a study that found that despite the recession,
40.2% of workers in 2010 were age 55 and older — the highest level in 35
years. In fact, the percentage of Americans age 55 or older who were in
the labor force tumbled from 34.6% in 1975 to 29.4% in 1993, before
climbing to 40.2% in 2010.This statistic is even higher in ocean county
new jersey.
What
is most striking is that for the 55-64 age group, the
labor-participation rate increase was due to a flood of women in the
work force, since the rate for men was either stagnant or declining. Yet
for the next highest age group, 65 and older, the rates for both men
and women increased. In addition, those with more education were more
likely to stay in the workforce than those with lower levels of
education. In 2009, 63.1% of individuals with a graduate or professional
degree were in the labor force, compared to 22.4% of those without a
high school diploma.
EBRI
reports that as full social security benefits get pushed back even
more, a greater number of older workers will continue to stay in the
workforce. In addition, Medicare premiums continue to climb;
non-Medicare-covered health costs are rising; people are living longer;
more workers are taking care of aged parents; and the number of
individuals that are “very confident” of their ability to maintain their
lifestyle in retirement is low.
“Older Americans, particularly those who worked in the private sector, increasingly have considerably less access to guaranteed levels of income such as pensions or health insurance benefits when they retire,” said Craig Copeland, EBRI senior research associate and author of the report, in a statement. “And staying in the work force longer will allow them to either build up, or rebuild, their assets.”
The findings are based on the U.S. Census Bureau’s data on labor-force participation among Americans age 55 and older. Work force participation rates have increased across every race and ethnicity group since the mid-1990s. White Americans and those in the “other” category had higher rates of participation in recent years. Black Americans’ rate was slightly below white Americans, while Hispanic Americans had the lowest labor-force participation rate. In 2009, the participation rates continued to increase for white Americans and those in the “other” category, while declining for both black and Hispanic Americans.
“Older Americans, particularly those who worked in the private sector, increasingly have considerably less access to guaranteed levels of income such as pensions or health insurance benefits when they retire,” said Craig Copeland, EBRI senior research associate and author of the report, in a statement. “And staying in the work force longer will allow them to either build up, or rebuild, their assets.”
The findings are based on the U.S. Census Bureau’s data on labor-force participation among Americans age 55 and older. Work force participation rates have increased across every race and ethnicity group since the mid-1990s. White Americans and those in the “other” category had higher rates of participation in recent years. Black Americans’ rate was slightly below white Americans, while Hispanic Americans had the lowest labor-force participation rate. In 2009, the participation rates continued to increase for white Americans and those in the “other” category, while declining for both black and Hispanic Americans.
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