More than 16 million workers 65 and older will be in the labor force by end of the decade, according to the U.S. Bureau of Labor Statistics.
The expected increase of older workers to 16.1 million by 2030 from 10.6 million in 2020 would be an increase of more than 50%, CNBC reported Friday.
Workers 75 and older are projected to increase by 96.5%, and workers 65-74 by 41.9%, according to Seniorly.
The labor statistics indicate that people 65 and up will comprise almost 10% of the work force by 2030. Last year, the group accounted for 6.6%.
Although Americans can draw their full Social Security retirement benefit at age 67, a FlexJobs survey of 2,000 professionals at or near retirement age found that 70% needed to work to pay for basic necessities. Almost 60% said they work because they enjoy it.
Seniorly said the projected growth rate of older workers also can be attributed to the acceleration of remote labor due to the COVID-19 pandemic. Many seniors are working from home doing data entry, bookkeeping, writing, human resources, and more.
CNBC said that where older people live and work could impact a household’s financial well-being.
Wyoming, South Dakota, Alaska, Washington, and Vermont are the top five states for older workers, respectively, according to a new Seniorly ranking.
The states considered the worst for older workers include Kentucky, West Virginia, Alabama, New Mexico, and Arkansas.
Seniorly ranked states according to five categories:
- Labor force participation for older adults
- Health care
- Life expectancy
The Seniorly report, which used data from the U.S. Census Bureau, Centers for Disease Control and Prevention, and the Tax Foundation, indicated that "there are many states that would appear to be friendlier to older workers than others."
Four of the five best-ranking states (except Vermont) don’t levy a state income tax. A relatively high share of older workers in those states also have Medicare coverage.
Kentucky, ranked last in the Seniorly survey regarding places for older workers, also is last or near-last in life expectancy, income, and labor force participation.
In Hawaii, 65% of households with a person over 65 earn more than $50,000 annually — that's the highest amount in the country.
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