NEW YORK, Sept. 26, 2019 /PRNewswire/ -- More seniors
are remaining employed well after hitting retirement age of 65, a
ValuePenguin.com study has found. For Americans over 75, the labor
force participation rate has nearly doubled over the last 20
years.
ValuePenguin.com's analysis also found that occupations
requiring very specific trade skills, such as embalmers and leather
repairmen, employ the largest percentage of seniors, and that among
the 100 largest cities in the country, some cities had a
disproportionately large population of seniors in the
workforce.
Key Findings:
- More Seniors Prefer to Delay Retirement: The labor force
participation rate for the 65-74 age group alone has increased by
nine percentage points, from 18% to 27%, in the past 20 years. For
the 75+ group, the labor force participation rate nearly doubled
over the same time period.
- Some Industries Heavily Rely on Seniors: Trade
professions like embalmers, funeral attendants, repairmen,
religious organizations and animal production rely heavily on
working seniors — as much as 47% of their workforce is aged 65 or
older, raising the question of the survival of these industries
once these seniors retire.
- The Gender Gap in Retirement: Men are much more likely
than women to work into traditional retirement years. In 2018,
nearly 32% of men between the ages of 65 and 74 were in the labor
force. Yet only 23% of women of the same age were employed.
- Cities With the Largest Population of Working Seniors:
Among the 100 largest cities, Washington
D.C.; Bridgeport,
Connecticut; Boston,
Massachusetts; Omaha,
Nebraska; and Austin, Texas
ranked as the top five cities with the largest proportion of
working seniors - nearly a quarter of all residents age 65+ here
are still in the workforce.
- Cities Where Seniors are Least Likely to Work Past the Age
of Retirement: It should come as little surprise that
traditionally well-known retirement communities have low
populations of senior workers. Places like Augusta, Georgia; Palm Bay, Florida; and Deltona, Florida ranked lowest in
ValuePenguin's analysis, with just 1 in 10 residents 65+
employed.
- Why Seniors Are Delaying Retirement: With the increase
in cost of living, seniors may be forced to work for longer in
order to save enough for a comfortable retirement. Seniors also
will spend as much as three times more than a 21-year-old for
health insurance alone, which does not take into account medical
bills or the costs associated with utilizing such care. But most
importantly, seniors may be opting to work just to keep their minds
sharp and increase their physical and mental mobility.
To identify where seniors are working and why they may be
delaying retirement, ValuePenguin.com analysts looked at data from
the Bureau of Labor Statistics 2018 Current Population Survey in
conjunction with U.S. Census Bureau 2013-2017 American Community
Survey 5-Year Estimates (Population 65 years and over in
the United States), as well as
ValuePenguin.com's own research on insurance costs and the average
amount of savings among seniors.
To view the full report, visit:
https://www.valuepenguin.com/seniors-work-well-past-retirement-age
Where are the most
seniors staying in the workforce?
|
Metro
area
|
65+ Seniors In the
Workforce
|
Average Household
Income for 65+ residents
|
Annual housing
costs for 65+ residents
|
65+ residents with
a Bachelor's degree or higher
|
Washington
D.C.
|
24.90%
|
$97,902
|
$21,972
|
41.50%
|
Bridgeport,
Connecticut
|
24.30%
|
$57,488
|
$22,668
|
14.50%
|
Boston,
Massachusetts
|
22.70%
|
$102,621
|
$23,472
|
28.80%
|
Omaha,
Nebraska
|
22.30%
|
$52,080
|
$15,372
|
29.50%
|
Austin,
Texas
|
21.10%
|
$66,494
|
$19,572
|
42.90%
|
Dallas,
Texas
|
21.10%
|
$70,729
|
$15,888
|
32.50%
|
Salt Lake City,
Utah
|
21.10%
|
$70,483
|
$15,972
|
42.20%
|
Denver,
Colorado
|
20.70%
|
$59,601
|
$17,304
|
38.60%
|
Houston,
Texas
|
20.40%
|
$67,766
|
$15,672
|
30.70%
|
San Francisco,
California
|
20.00%
|
$83,216
|
$30,324
|
36.10%
|
Baltimore,
Maryland
|
19.90%
|
$59,132
|
$14,556
|
21.00%
|
Honolulu,
Hawaii
|
19.80%
|
$78,984
|
$26,340
|
28.90%
|
Harrisburg,
Pennsylvania
|
19.60%
|
$44,607
|
$14,964
|
23.60%
|
Philadelphia
|
19.50%
|
$44,868
|
$18,612
|
17.80%
|
Nashville,
Tennessee
|
19.40%
|
$43,946
|
$14,436
|
25.40%
|
About ValuePenguin.com: ValuePenguin.com, part of
LendingTree (NASDAQ: TREE), is a personal finance website that
conducts in-depth research and provides objective analysis to help
guide consumers to the best financial decisions. ValuePenguin
focuses on value, assessing whether the return of a particular
decision is worth the cost or risk of that option, and how this
stacks up with the other possible choices they may have. For more
information, please visit www.valuepenguin.com, like our Facebook
page or follow us on Twitter @ValuePenguin.
Media Contact:
Divya Sangam (Ms.)
646 693 8445
Divya@Valuepenguin.com
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SOURCE ValuePenguin.com