Here Is the Surprising Percentage of Boomers Still Working
If you’re in the workforce, it’s likely you have at least one colleague who’s a boomer. The Baby Boom is often cited as 1946-1964 — a time with a significant number of births. As such, many boomers are now in their 60s and 70s.
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You may be surprised to learn that many boomers are still working. In fact, according to the Pew Research Center, roughly one-in-five Americans ages 65 and older were employed in 2023. That’s nearly double the share of those who were working 35 years ago.
There’s good news for those workers — their earning power has grown in recent decades. The Pew Research Center said that the typical worker age 65 or older earned $22 per hour in 2022. That was up from $13 in 1987.
Let’s put this in perspective with the entire U.S. population. According to Forbes, in 2022, around 58 million adults ages 65 and older were living in the U.S. That accounted for just more than 17% of the nation’s population. By 2050, the older demographic is projected to represent about 23% of the total population.
It’s also helpful to look at the progression of boomers in the workforce. They started entering the ranks of ages 55 to 64 in 2001. That’s when they accounted for about 10% of the employed. According to Advisor Perspectives, the percentage peaked in 2020 at just more than 17% and now stands at 16.5%.
Also, if you’ve ever worked with someone from this age group, you know the incredible value they can bring to an organization. In addition to years of on-the-job training, they have institutional knowledge that can be difficult to replace.
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Replacing the boomers when they retire and leave the workforce is going to be tough on many fronts — not only because of the high percentage of boomers, but also because the U.S. is facing labor shortages and hiring challenges across many sectors.
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