If you thought retirement meant endless naps and yelling at the TV, think again! It turns out a lot of older Americans are not kicking back in a rocking chair; they're putting on their work shoes and heading back to the office. It seems the "golden years" are now less about gold and more about a new gig, with many folks choosing to work because, well, the cost of everything is getting a little spicy. So, let's explore this trend of grandma and grandpa heading back to the job market!
Here are Five Fast Facts on working in your 80s:
- 👀 Doubled - The number of Americans aged 80+ who are still working has increased from 2.9% to 4.2% since 1980. It’s like they looked at retirement and said, "Nope, I'm not ready to stop working." Or, maybe, "I can't afford to stop working!"
- 💵 Good Money - The median income for a worker age 80+ was $57,100 in 2023. That was in addition to Social Security or pensions (yes, those existed back then).
- 👷 Occupations Vary - Seniors are taking on roles in everything from nonprofits to real estate to retail. It seems they're finding their calling in careers where their experience is a big plus, or where they can just interact well with people.
- 📈 Speeding Up - Older workers are part of the fastest-growing labor force segment. The Bureau of Labor Statistics reports that age 75+ are twice as likely to still be working now as they were in the early 1990s.
- 🌱 Various Reasons - Some are doing it for the money because things are so expensive, though around 73% are above the ALICE line and can pay their basic necessities. Others are working to avoid being bored out of their minds at home. It's never a good sign when you start talking to the houseplants.
🔥Bottom line: Whether you're in this age group or have decades until you get there, it's clear that there's a shift in process in the workforce. People are working much later into life -- for one reason or another -- much more often now.
When do you plan to stop working?
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