Social Media Means
Social Media Means
Photo: Polina Tankilevitch
Note: 2022 shows data through October. As seen in the above chart, 5.16% of Americans aged 80 and over had a job in 2022 as of October. In the full year of 2021, the share was 5.67%; that's higher than the 4.75% a decade earlier in 2011. In 1980, just 2.53% of Americans aged 80 and over held a job.
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The number of working Americans aged 80 or over — such as President Joe Biden — has risen from 1980. Medical advancements made working longer possible, and that, in turn, can have health benefits. At the same time, many who want to retire simply can't afford to, prolonging their careers. Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy
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Read More »"If we enjoy what we do, why stop working?" she said. "There's been a big change in thinking about retirement." Some seniors have a "working retirement" for a sense of purpose, while others are forced to keep collecting a paycheck Johnson also credited modern healthcare advances with enabling people over the age of 80 to enjoy "higher functioning health for longer than in the past," and said that older people will often remain in the workforce, retire to start businesses, or volunteer in order to stay mentally stimulated, what she calls a "working retirement." "Some of us feel that we would be bored without the sense of fulfillment and purpose we had while working," she said. Research confirms the health benefits of that fulfillment: a 2018 study published by the Center for Retirement Research showed that "working longer is associated with lower mortality, depression, and diabetes risk for both men and women." "Workers ages 80 and up are not as likely to be motivated by health insurance and retirement benefits, since they are Medicare-eligible and already receiving Social Security benefits," Courtney Coile, professor of economics at Wellesley College and co-director of the NBER Retirement and Disability Research Center, told Insider in a statement. "Workers in this age group most likely belong to one of two groups — people who really enjoy their work or people who can't afford not to work."
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Read More »An AARP survey of people 50 and over found that 42% are working in retirement or think they will need to due to financial reasons. And that's evidenced by poverty rates among older Americans standing higher than a decade ago as of 2021. The poverty rate for people who are at least 65 years old had increased from 8.9% in 2020 to 10.3% in 2021 according to Census Bureau data. The rate in 2021 is higher than the 8.7% in 2011. "There are many factors contributing to people working longer — these include improving health and longevity, rising education and a shift towards more 'age-friendly' jobs in the economy, and changes in retirement benefits, such as the shift from defined benefit to defined contribution plans in employer-provided pensions and an increase in the Social Security full retirement age," Coile said. However, not all older Americans want to keep working as they get older and will exit the labor force. This will affect ongoing hiring woes. According to a recent report from Indeed and Glassdoor on long-term labor market trends, "demographic shifts and aging populations mean hiring will remain challenging for years, as labor supply issues will remain." That's the case in the US and other countries. "We are living the changes that we've talked about for some time right now," Svenja Gudell, chief economist of Indeed, previously told Insider. "The pandemic was the accelerator to that fire, and now we're dealing with an acutely aging population." Are you still working at 80 years old or older and want to share your story? Email these reporters at jlalljee@insider.com and mhoff@insider.com.
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