We’ve all been hearing lately that boomers are staying in the workforce longer because their retirement accounts took such a hit recently, and that we can expect the trend to continue well after the economy recovers.
According to one government estimate, 93% of the growth in the U.S. labor force from 2006 to 2016 will be among 55 and older workers.
But you may be surprised to know that the majority of those over 55 stay at work beyond retirement age because they want to stay active into their later years, not because they need the money.
“A majority (54%) of workers ages 65 and older say the main reason they work is that they want to. Just 17% say the main reason is that they need the paycheck. An additional 27% say they’re motivated by a mix of desire and need.”
The reasons older workers gave included:
- “to feel useful”
- “to give myself something to do”
- “to be with other people”
Conversely, younger adults are staying out of the workforce longer.
Of Americans aged 16 to 24, 57% are in the labor force today, compared to 66% in 2000.
Two factors impacting the youngest working group:
- Instead of diving into full time jobs, they’re getting a college education under their belts to get ahead, and
- Discouraged by dwindling opportunities in this economy, they’re dropping out of the job market entirely.
The Pew report is based on analysis of long-term trends in survey data from the U.S. Census Bureau and Pew Research’s own survey of a representative national sample of 1,815 people ages 16 and older conducted from July 20 to Aug. 2, 2009.
Other key findings:
- Security trumps salary.
- Despite tough times, job satisfaction remains high.
- Older workers are the happiest workers.
- Retirement is not always voluntary.
- Even so, retirement gets high marks.
- The public is skeptical about full-time working moms.
- Most working moms would rather have a part-time job.
You can grab the full report here: Recession Turns a Graying Office Grayer.