The fastest-growing age group in the workforce isn’t teens or new college graduates, it’s people over 75.
New numbers from the Pew Research Center show more older Americans are delaying retirement or getting back into the workforce.
Researchers say there are a myriad of factors fueling the trend, but inflation is one of the biggest drivers.
From $5 a gallon gas in some states to skyrocketing grocery bills, many retirees are finding their money isn’t going as far as it used to.
Officials say Social Security payments still provide about 90% of income for more than 1 out of 4 older adults.
But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.
A drop in pension plans has also played a role. In the mid-1980s, about half of U.S. private sector workers were covered by pensions.
By 2022, that number had dropped to 15%.
Another big factor is health. People are simply living longer, so they need more money to live on.
In addition to longer life spans, our health is improving as we age, so many older folks are physically able to work at older ages.
And the nature of work has changed as well, as more sedentary desk jobs are allowing workers to physically work longer.
Another factor making retirement more difficult is finding a job.
While it’s illegal to discriminate against an older worker because of their age, a recent survey by AARP found that about two-thirds of adults over the age of 50 say they face discrimination in the workplace.