If you’re an older worker, congratulations are in order as you celebrate: This week of March 10-16, 2024 is National Older Workers Employment Week in the United States. So take out the noise makers, cut the cake, and let’s take a look at some of the progress and problems that are part of our aging workforce.

First some positive news. It seems that most of us think older workers are better at solving work problems and that intergenerational office teams are more productive than those utilizing just younger adults. There are also reports that workers over age 65 are the happiest age group at work. These are interesting data points, given the rise in the proportion of older adults currently working in the US. According to recent data from the Pew Research Center, about 20% of adults 65 and older were employed in 2023, a number nearly two times as large as the percentage of older adults working 35 years ago. Today’s older workers are working more hours on average than previous generations, and their earnings are now 80% of the amount earned by younger workers (previously it was only 56%). Older workers in 2024 are also more likely to be college-educated and have access to such employment perks as pension plans and health insurance (unlike many younger workers). They report satisfaction and enjoyment from their jobs, feeling less stress than younger workers. The 11 million older workers currently in the workforce make up 46% of all workers, up from the previous number of 40% in 1987.

While many of today’s older workers are continuing in jobs that allow them to engage in “age-friendly” occupations (like working on a computer or even remotely), there’s an odd statistic that should give rise to some questions and concerns. 45% of employed older workers consider themselves “retired.” What that implies is that they may have “retired” from their career professions (or been terminated, as age discrimination and ageism continue to be rampant in many work environments) but now find themselves back in the workforce, either by choice or by necessity. In fact, a recent survey found that 1 in 8 retired Baby Boomers want to go back to work in 2024 and that 25% of current older workers already receive income from a retirement account of some type (not counting Social Security). What this suggests is that either these “unretirees” are looking for the stimulation and social aspects of work- or, more ominously (and more likely), whatever financial planning they did for retirement has not been able to sustain them post-retirement. 

In fact, in her new book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy, labor economist and retirement expert Teresa Ghilarducci notes that 3 in 10 Americans age 59 and over have no money put away for retirement and that only 10% of Americans age 62 and older are both retired and financially stable. Most retired individuals cannot support themselves on Social Security and whatever savings they have (and Social Security was never intended to be the primary system of support for retirees). Dr. Ghilarducci goes on to say that in comparison to other peer nations, retirees in the US have the highest risk of poverty and that our current retirement system doesn’t serve the needs of 90% of our workforce. You can read more of her insights and recommendations on a “Gray New Deal” for retirement here. 

While some may have the luxury and opportunity to remain in interesting jobs well past the average retirement age of 62, just as many are often in low-paying, “post-retirement” jobs just to make ends meet. As a recent post in Vox made clear, it’s a tale of two older workers: half of retirees have a good situation but half do not (perhaps much more than half). And many older workers, especially those from Black and Latino communities, toil in physically demanding work despite their older ages. So the current picture and future outlook for retirement in the United States are ambiguous at best, and downright scary at worst. Like so much in society, class, race, and ethnicity often divide us in the workforce and retirement. Seems like we have a long way to go before the majority of us can truly enjoy our “golden years.” In the meantime, thank an older worker the next time you are served a meal or helped in a store. It’s likely they’re not working just to have a good time.