Grandparents, you are one resilient bunch.
As the economy continues to nosedive and unemployment continues to rise, a new trend has emerged: The percentage of Americans ages 55 or older who gained employment in the last year is far greater than that of any other age group.
According to the United States Department of Labor Bureau of Labor Statistics, from January 2008 to January 2009, the number of Americans ages 16 to 24 who held a job fell about 7 percent, from 18.7 million jobs to 17.4 million. The number of Americans ages 25 to 54 who were employed decreased 4 percent year-over-year, from 99.5 million to 95.9 million.
But the number of Americans ages 55 and older who were employed actually increased between January 2008 and January 2009. Last month, the Department of Labor reported 27 million Americans in that age group held a job, up from 26.2 million in January of 2008 — a modest increase of about 3 percent, but an increase nonetheless.
Joan Strewler-Carter and Stephen Carter, cofounders of the Life Options Institute, an organization dedicated to helping people plan for life after age 50, said in a statement that the difference may be that many older American simply want to continue to work.
"Today, with their 401(k) plan assets down sharply, the decline in traditional employer-sponsored pension and retiree health plans, the increase in Social Security’s retirement age, and housing values not worth what they once were, many baby boomers are either delaying retirement or seeking a return to the workforce," the couple said.
Other factors include workers remaining in good health throughout their 50s and 60s, enabling them to continue to work, as well as the knowledge that the longer a worker delays claiming Social Security benefits, the larger the checks will be when he does file.
Stephen Carter also added that longevity has its benefits as well.
"In this environment, many employers are now seeking older workers for the experience and wisdom they bring to the workplace," he said. "Still others look at mature employees as mentors who may be involved with knowledge-transfer."
Yet as interesting as this trend might be, it’s not that surprising. According to an msnbc.com story, by the year 2020 there will be more workers age 55-plus than at any other time in American labor history. In part, it’s the explosion of the Baby Boomers. You’re a Boomer if you were born between 1946 and 1964; the tail end of that spread will be 56 years old in 2020. MSNBC cited Bureau of Labor statistics that show U.S. workers older than 55 will grow to 24 percent by the year 2017.
But, be wary. According to a 2008 survey from Adecco USA, 61 percent of workers surveyed said that having a diverse workforce made their company more successful — but of those who responded that they have felt discriminated against at the office, some 52 percent said the top form of workplace discrimination was age, followed by gender (43 percent), race (32 percent), religion (9 percent), and disability (7 percent).
Read more about Boomers and their impact on society in our CEO Jerry Shereshewsky's blog.
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