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The majority of Baby Boomers U. The modern high rate of older Boomers staying in the labor force is attributable to both Boomer women and men. Older men have not participated in the labor force at that rate since the early s. Though surpassing the Silent and Greatest generations when they were the same age, that is not a modern record since a similar portion of this age group was in the labor force during the Great Recession.
Between when the oldest Baby Boomer reached age 65 and when the youngest Boomer turns age 65roughly 3. Rather, the Boomer labor force has been declining by 2.
The Boomers who were in the labor force last year are different demographically from those out of the labor force — most of whom have retired. In addition, the labor force participants were slightly more likely to be non-Hispanic white and to reside in a metropolitan area.
The relatively high labor force participation of Boomers may be beneficial both to them and the wider economy. Some retirement experts emphasize working longer as the key to a secure retirement, in part because the generosity of monthly Social Security benefits increases with each year claiming is postponed. For the economy as a whole, economic growth in part depends on labor force growthand the Boomers staying in the work force bolsters the latter. In times of uncertainty, good decisions demand good data.
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Facts are more important than ever In times of uncertainty, good decisions demand good data. Millennials are the largest generation in the U. How Millennials today compare with their grandparents 50 years ago. The pace of Boomer retirements has accelerated in the past year. Immigration projected to drive growth in U. Defining generations: Where Millennials end and Generation Z begins. Are you in the American middle class? Find out with our income calculator.
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