Baby Boomers Are Aging, But That Doesn’t Mean They’re Ready To Retire

As its name implies, there were a lot of people born during the “baby boomer” generation. And now that these folks are rapidly approaching or already past the age of 65, they’re redefining what “retirement age” looks like.

Working hard and getting paid

A new Pew Research survey found that almost twice as many 65+ Americans are in the workforce this year (19%) than the percentage of people in that age range who continued to work in the late ‘80s.

Furthermore, their wage growth over the past 3+ decades has outpaced those in younger generations. In 1987, older workers earned an average of $13 per hour — and in 2013, that had nearly doubled to $22.

Meanwhile, workers aged 64 and under have seen less significant increases in their paychecks over that period, meaning that the wage disparity between younger and older workers is slimmer than it has been at any time in recent memory.

But it’s important to understand that, despite the growth in numbers and income, we’re still only talking about fewer than 1 in 5 older Americans who are still employed. So let’s take a closer look at what type of people are most likely to be in that 19%.

Exploring demographics

It’s clear that, like the workforce overall, today’s crop of older workers is more diverse than ever. Here’s what Pew Research discovered:

• Nearly half — 46% — of workers over 65 are women, compared to just 40% in 1987 and one-third in 1964.
• About 44% of older workers have at least a bachelor’s degree, which is up from only 18% in 1987.
• The 65+ group is still less ethnically diverse — 75% White compared to 59% White among workers 25-64.
• Almost two-thirds of older workers have full-time jobs, whereas just less than half did in 1987.

Chris Agee December 15th, 2023

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