Here’s How Many Adults Are Working Past Retirement Age in Big Cities
As the landscape of retirement continues to evolve in the United States, a growing number of adults are choosing to remain in the workforce well beyond the typical retirement age.
This trend is particularly evident in America’s largest cities, where economic opportunities, cost of living and lifestyle preferences influence how far your retirement benefits will go. Collecting Social Security benefits is only one small source of income for retirees aged 62 to 67 years old, but that alone doesn’t lead to a comfortable retirement for many people.
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GOBankingRates conducted a study to determine several labor statistics surrounding the full retirement age, how many people over 65 are still employed and other personal finance factors. Here are some key takeaways:
The percentage of people over the age of 65 still in the workforce has been steadily increasing over the past few years, reflecting changes in both the economy and societal attitudes toward aging and retirement on a national level.
The city with the highest percentage of people 65 and older still working was found to be Austin, Texas at 25.5%.
With advancements in healthcare, people are living longer and healthier lives, enabling them to extend their working years — but this also means early retirement may not be ideal, if you are trying to stretch out your savings.
Many older adults continue to work due to insufficient retirement savings, high medical expenses or the need to support dependents.
A significant number of seniors with the benefit of aging past the required minimum for tax-free withdrawals from IRAs or 401(k)s still remain employed, because they enjoy their work and the social interaction it provides.
The retirement age in America’s largest cities is often extended and most affected by economic influence, as there is a higher cost of living.
The trend of working past retirement age is prominent across some of the biggest cities in the U.S., driven by a mix of economic needs, personal fulfillment and societal changes. As life expectancy increases and the nature of work continues to evolve, more seniors will likely choose to extend their careers, reshaping the traditional concept of retirement.
Here is a breakdown of how many people past retirement age are still working in 30 of America’s largest cities, ranked by the most adults aged 65 and over still participating in the labor force. Factors included in the study include the total population of all ages, total population for ages 65 and over, mean household income for residents aged 65 and over with earnings, labor force participation rate for residents aged 65 and over, and unemployment rate for residents aged 65 and over.
1. New York
Population aged 65 and over in labor force (2022): 249,764
Percent of population aged 65 and over still working (2022): 18.70%
Mean income of households aged 65 and over with earnings (2022): $98,525
2020 to 2022 change in labor participation rate: 0.50%
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2. Los Angeles
Population aged 65 and over in labor force (2022): 117,749
Percent of population aged 65 and over still working (2022): 22.60%
Mean income of households aged 65 and over with earnings (2022): $97,776
2020 to 2022 change in labor participation rate: 1.00%
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3. Chicago
Population aged 65 and over in labor force (2022): 64,645
Percent of population aged 65 and over still working (2022): 17.90%
Mean income of households aged 65 and over with earnings (2022): $78,656
2020 to 2022 change in labor participation rate: 0.70%
4. Houston
Population aged 65 and over in labor force (2022): 61,193
Percent of population aged 65 and over still working (2022): 23.00%
Mean income of households aged 65 and over with earnings (2022): $81,903
2020 to 2022 change in labor participation rate: -0.20%
5. Philadelphia
Population aged 65 and over in labor force (2022): 39,956
Percent of population aged 65 and over still working (2022): 17.90%
Mean income of households aged 65 and over with earnings (2022): $69,165
2020 to 2022 change in labor participation rate: 1.70%
6. Phoenix
Population aged 65 and over in labor force (2022): 38,207
Percent of population aged 65 and over still working (2022): 20.60%
Mean income of households aged 65 and over with earnings (2022): $73,918
2020 to 2022 change in labor participation rate: -0.40%
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7. San Diego
Population aged 65 and over in labor force (2022): 37,160
Percent of population aged 65 and over still working (2022): 19.40%
Mean income of households aged 65 and over with earnings (2022): $92,394
2020 to 2022 change in labor participation rate: 0.90%
8. Dallas
Population aged 65 and over in labor force (2022): 36,447
Percent of population aged 65 and over still working (2022): 25.40%
Mean income of households aged 65 and over with earnings (2022): $81,984
2020 to 2022 change in labor participation rate: 1.20%
9. San Antonio
Population aged 65 and over in labor force (2022): 36,285
Percent of population aged 65 and over still working (2022): 19.60%
Mean income of households aged 65 and over with earnings (2022): $59,164
2020 to 2022 change in labor participation rate: 0.60%
10. San Jose, California
Population aged 65 and over in labor force (2022): 27,989
Percent of population aged 65 and over still working (2022): 20.40%
Mean income of households aged 65 and over with earnings (2022): $103,238
2020 to 2022 change in labor participation rate: 1.00%
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11. San Francisco
Population aged 65 and over in labor force (2022): 27,855
Percent of population aged 65 and over still working (2022): 19.60%
Mean income of households aged 65 and over with earnings (2022): $107,894
2020 to 2022 change in labor participation rate: -0.10%
12. Jacksonville, Florida
Population aged 65 and over in labor force (2022): 25,881
Percent of population aged 65 and over still working (2022): 18.90%
Mean income of households aged 65 and over with earnings (2022): $62,603
2020 to 2022 change in labor participation rate: 0.50%
13. Austin, Texas
Population aged 65 and over in labor force (2022): 23,866
Percent of population aged 65 and over still working (2022): 25.50%
Mean income of households aged 65 and over with earnings (2022): $92,441
2020 to 2022 change in labor participation rate: 0.90%
14. Indianapolis
Population aged 65 and over in labor force (2022): 22,941
Percent of population aged 65 and over still working (2022): 20.30%
Mean income of households aged 65 and over with earnings (2022): $63,012
2020 to 2022 change in labor participation rate: 1.10%
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15. Washington, DC
Population aged 65 and over in labor force (2022): 21,197
Percent of population aged 65 and over still working (2022): 25.10%
Mean income of households aged 65 and over with earnings (2022): $124,264
2020 to 2022 change in labor participation rate: -0.40%
16. Oklahoma City
Population aged 65 and over in labor force (2022): 21,025
Percent of population aged 65 and over still working (2022): 23.60%
Mean income of households aged 65 and over with earnings (2022): $64,119
2020 to 2022 change in labor participation rate: -0.20%
17. Nashville, Tennessee
Population aged 65 and over in labor force (2022): 20,930
Percent of population aged 65 and over still working (2022): 24.20%
Mean income of households aged 65 and over with earnings (2022): $73,549
2020 to 2022 change in labor participation rate: -0.20%
18. Charlotte, North Carolina
Population aged 65 and over in labor force (2022): 20,661
Percent of population aged 65 and over still working (2022): 22.10%
Mean income of households aged 65 and over with earnings (2022): $81,141
2020 to 2022 change in labor participation rate: -0.10%
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19. Columbus, Ohio
Population aged 65 and over in labor force (2022): 20,350
Percent of population aged 65 and over still working (2022): 21.00%
Mean income of households aged 65 and over with earnings (2022): $64,657
2020 to 2022 change in labor participation rate: 0.60%
20. Fort Worth, Texas
Population aged 65 and over in labor force (2022): 20,156
Percent of population aged 65 and over still working (2022): 21.50%
Mean income of households aged 65 and over with earnings (2022): $78,277
2020 to 2022 change in labor participation rate: 0.40%
21. Seattle
Population aged 65 and over in labor force (2022): 19,969
Percent of population aged 65 and over still working (2022): 21.30%
Mean income of households aged 65 and over with earnings (2022): $98,655
2020 to 2022 change in labor participation rate: -0.30%
22. Memphis, Tennessee
Population aged 65 and over in labor force (2022): 19,771
Percent of population aged 65 and over still working (2022): 22.40%
Mean income of households aged 65 and over with earnings (2022): $68,904
2020 to 2022 change in labor participation rate: 1.20%
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23. Denver
Population aged 65 and over in labor force (2022): 19,270
Percent of population aged 65 and over still working (2022): 22.60%
Mean income of households aged 65 and over with earnings (2022): $82,646
2020 to 2022 change in labor participation rate: 0.70%
24. Portland, Oregon
Population aged 65 and over in labor force (2022): 17,883
Percent of population aged 65 and over still working (2022): 19.80%
Mean income of households aged 65 and over with earnings (2022): $71,799
2020 to 2022 change in labor participation rate: -0.60%
25. Las Vegas
Population aged 65 and over in labor force (2022): 17,525
Percent of population aged 65 and over still working (2022): 17.80%
Mean income of households aged 65 and over with earnings (2022): $73,454
2020 to 2022 change in labor participation rate: 0.00%
26. Boston
Population aged 65 and over in labor force (2022): 17,392
Percent of population aged 65 and over still working (2022): 21.20%
Mean income of households aged 65 and over with earnings (2022): $103,018
2020 to 2022 change in labor participation rate: -0.10%
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27. Urban Honolulu
Population aged 65 and over in labor force (2022): 17,175
Percent of population aged 65 and over still working (2022): 23.10%
Mean income of households aged 65 and over with earnings (2022): $93,228
2020 to 2022 change in labor participation rate: 0.30%
28. Albuquerque, New Mexico
Population aged 65 and over in labor force (2022): 17,041
Percent of population aged 65 and over still working (2022): 18.30%
Mean income of households aged 65 and over with earnings (2022): $62,602
2020 to 2022 change in labor participation rate: 0.00%
29. Baltimore
Population aged 65 and over in labor force (2022): 16,415
Percent of population aged 65 and over still working (2022): 19.00%
Mean income of households aged 65 and over with earnings (2022): $69,931
2020 to 2022 change in labor participation rate: 0.50%
30. Virginia Beach, Virginia
Population aged 65 and over in labor force (2022): 15,957
Percent of population aged 65 and over still working (2022): 23.30%
Mean income of households aged 65 and over with earnings (2022): $72,701
2020 to 2022 change in labor participation rate: 0.40%
Methodology: For this study, GOBankingRates analyzed major cities to find how many adults are working past retirement age. Retirement age is considered 65 for this study. The top 500 cities by population were sourced from the U.S. Census American Community Survey. For each city, a number of factors were found, including: total population of all ages, total population for ages 65 and over, mean household income for residents aged 65 and over with earnings, labor force participation rate for residents aged 65 and over, and unemployment rate for residents aged 65 and over, all sourced from the U.S. Census American Community Survey S0103. The labor force participation rate, unemployment rate and population aged 65 and over were used to calculate the total number of residents aged 65 and over who are in the labor force, total number of residents aged 65 and over who are unemployed, and the percent of the population who are aged 65 or over. The top 100 major cities with all data available were kept for this study. The cities were sorted by the most adults aged 65 and over still participating in the labor force. All data was collected on and is up to date as of May 9, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Many Adults Are Working Past Retirement Age in Big Cities
