Baby boomers are the largest generation and the only age group currently transitioning from comprising most of the U.S. workforce into retirement.
But even though the participation rate of boomers in the workforce continues to decrease, there’s been an uptick in the number of 65 and up members working.
The Bureau of Labor Statistics projects 65- to 74-year-olds will soon participate at a rate just under 30 percent. In 2004, the participation rate was at 21.9 percent and by 2014 the rate reached 26.2 percent.
Human Resources consulting firm Willis Towers Watson performed a study that found that one in four U.S. employees feel retirement after the age of 70 is more fitting than 65. Even those who plan to retire at the traditional age of 65 still see a 50/50 chance that they’ll have to push the age to 70 or older. The consulting firm cited insecurity about retirement savings or inadequate savings as among the main reasons.
For others in the age group, it’s achieving success later in life or not wanting to cede their positions that make them work past the standard age. AIG hired its CEO Brian Duperreault at 70. Billionaire Warren Buffett is still going strong at managing Berkshire Hathaway at 87.
Whatever the reason, retirement may not be as long as it once was and it may no longer be one long vacation for some.
SeniorLiving.org analyzed data from the BLS to determine what jobs older Americans work in. The results cross industries.
These are the top 11 occupations for older Americans in ascending order.
11. Postsecondary Teachers: 152,000; 11.3 percent of workforce.
10. Elementary and Middle School Teachers: 152,000; 5 percent of workforce.
9. Real Estate Agents: 179,000; 21.1 percent of workforce.
8. Janitors: 180,000 employed; 8 percent of workforce.
7. Retail Supervisors: 197,000 employed; 6.1 eprcent of workforce.
6. CEOs: 198,000 employed; 12.8 percent of workforce.
5. Drivers: 245,000 employed; 7.4 percent of workforce.
4. Administrative Support: 246,000 employed; 8.5 percent of workforce.
3. Retail Sales: 269,000 employed; 8.2 percent of workforce.
2. Farmers: 293,000 employed; 29.9 percent of the workforce.
1. Management: 320,000 employed; 8.2 percent of the workforce.
To view the full report, click here.
