Senior citizens, believe it or not, are the fastest part of the United States labor force. In fact, seniors age 65 and older continue to work for years after the traditional retirement ages. The continue to work for a variety of reasons, such as saving for retirement, they enjoy it, or to delay collecting Social Security (SSI). Delaying SSI, can lead to a larger monthly benefit at a later date.
Senior Citizens: Workforce Statistics:
The U.S. Bureau of Labor Statistics (BLS) projects that by 2024, thirteen million senor citizens will still be working. These older workers make up the fastest-growing segment of the workforce from 2014 to 2024. Statistically, over the next 10 years, the number of seniors aged 65 to 74, will increase by 55 percent! And get this, for seniors aged 75 and older, the total increase will be 86 percent!
Why They Work
The reasons seniors continue to work past traditional retirement ages vary. They are still motivated, productive, and skilled. Their experience and judgement, in many cases, can’t be replicated by younger workers. Those qualities are assets coveted by many companies.
Indeed, according to the Bureau of Labor Statistics, companies that welcome older workers will gain a great deal. They can develop programs to make the most of this talent pool, and thereby enjoy a strategic hiring advantage in 2020 and beyond.
Many senior citizens work for a variety of reasons, such as saving for retirement, they enjoy it, or to delay collecting Social Security (SSI). Delaying SSI, can lead to a larger monthly benefit at a later date.
There are also many important health benefits associated with keeping active and busy. For example, the Centers For Disease Control and Prevention (CDC), reports that seniors that active and engaged are healthier, have better memory and cognition, and have better social lives.
Truly remarkable and something to think about.