Golden Oldies to Drive US Economy

<p>Bid farewell to the traditional concept of retirement; older workers
are rewriting the script. The silver generation, now 65 and beyond, is still
dominating the workforce, and are set to command almost 60% of the labor force
growth in the coming decade. Forget the rocking chair—these seniors are rocking
the job market.</p><p>Silver, Not Slow</p><p>As the second-largest US generation, baby boomers have swapped leisure
for labor, extending their professional life, <a href="https://www.pewresearch.org/social-trends/2023/12/14/older-workers-are-growing-in-number-and-earning-higher-wages/">according
to a wide-ranging report by the Pew Research Center</a>. Social security
changes, nudging the retirement age to 67 for those born after 1960, are the
puppeteer behind this unexpected act. Pandemic retirees, enticed back by the
job market's siren call, have further swelled the ranks of seasoned workers.</p><p>Age-Friendly Jobs</p><p>Enter the era of "age-friendly" jobs—flexible, less
physically demanding roles tailored for the silver-haired squad. With quadruple
the older workforce since the mid-1980s, about one in five Americans over 65 is
now putting their work hat back on. Longer hours? No problem. A staggering 62%
of senior employees are working full-time, a leap from the 47% in 1987.</p><p>Economic Powerhouse</p><p>It's not just about numbers; it's about dollars. These old school hustlers
are rewriting the economic playbook. Seniors over 65, with their longer working
hours and a closing wage gap, contribute a substantial 7% to total US wages and
salaries—an astonishing jump from a mere 2% in the 1980s. The narrative of the
silver-haired slowing down is as outdated as dial-up internet.</p><blockquote><p lang="en" dir="ltr">The new full retirement age is 67 for anyone born after 1960. <a href="https://t.co/gyE0O53iV0">https://t.co/gyE0O53iV0</a></p>— KTVU (@KTVU) <a href="https://twitter.com/KTVU/status/1496263553984122880?ref_src=twsrc%5Etfw">February 22, 2022</a></blockquote><p>Golden Oldies by the Numbers</p><p>·
11 million: The formidable
army of older workers rewriting the workforce tale.</p><p>·
62%: Silver warriors
working full throttle—35 hours a week or more.</p><p>·
$58,600: The average annual
earnings, making seniors a financial powerhouse.</p><p>·
75%: The majority of the
silver squad is white, but diversity is on the rise.</p><p>·
95 million: The staggering
projection of Americans aged 65 or older by 2060.</p><p>In a world where silver is the new gold, the hustle doesn’t stop—it
only gets wiser. Embrace the age of the golden warriors, rewriting the
workforce narrative with every clocked hour.</p>

This article was written by Louis Parks at www.financemagnates.com.