Silver staffers are America’s fastest-growing group in the workforce on January 12, 2024 at 2:32 pm Business News | The Hill

The golden years have never been so productive. New research is showing that the fastest-growing group in the workforce is seniors over the age of 75.

A recent Pew Research Center survey reported that not only are there more older adults in employment – tripling from 2% in 1987 to 7% now – but they are also working longer hours with greater pay than ever before.

American employers now employ about 11 million older workers, a figure that has nearly quadrupled since the mid-1980s, and is set to get even larger. The Bureau of Labor Statistics predicts that, in the next decade, the number of older Americans (aged 75 and older) in the labor force will grow by almost 97%.

What’s causing this silver surge? Increased life expectancy, evolving retirement plans and, for many, economic necessity. Another reason work lives are becoming longer is policy changes that mean workers now have to wait until the age of 67, instead of 65, to access full Social Security benefits.

Older Americans are also healthier than before, tend to have higher education levels and have access to more flexible and less strenuous work, making it more viable – and enjoyable – for many to continue working. 

What does this mean for workers, and how can you future-proof your career now so it serves you into your golden years? Read on.

Prepare for a lengthening work life

The idea that your work life ends at 60 with a handshake and a gold watch has rapidly become far from the norm. According to Gallup, the average expected retirement age has jumped from 60 in the 1990s to 66 today, with 41% of American workers expecting to work in some capacity beyond the age of 65. 

What’s more, a global Bain & Company study showed that a huge 150 million jobs will shift to workers over the age of 55 by 2030.

Why job satisfaction matters more than ever

It stands to reason that if you are working for longer, you want to be in a career you find interesting and fulfilling. The data bears this out: older workers are more than twice as likely as younger workers to work on their own terms and be self-employed (23% are, compared with 10% of workers ages 25 to 64).

Over 65s are also more satisfied with their jobs overall than younger workers, and are more likely to say they find their work enjoyable and fulfilling all or most of the time.

Many workers are even engaging in “flexitirement”, phased retirement programs that allow you to work fewer hours, but still generate income (and, in many cases, keep your health benefits).

A Mercer report showed that 36% of companies are currently offering part-time, flexible, or phased retirement choices, so consider exploring what packages and options companies in your industry offer.

Most retirement savings aren’t cutting it – is yours?

According to census data, nearly half of American adults between 55 and 66 have no personal retirement savings. Worldwide, the average pension is way below the benchmark of around 65-80% of pre-retirement earnings recommended to maintain living standards in retirement.

So if you want to wind down work on your terms as you age, it will be crucial to have a solid retirement plan to ensure that if you continue working it’s because you want to – not because you have to.

Eager for your experience and expertise to be valued? There are lots of great openings on The Hill Job Board, like the three below.

Director, Global Affairs, Optica, Washington

Professional society Optica is seeking a Director of Global Affairs to help advance optics and photonics worldwide. Optica is the leading organization for those interested in the science of light – from scientists and engineers to business professionals and students. As director, you will develop and lead programs that advance public policy, laws and budgets in support of optics and photonics science and technology. Senior-level experience in international relations, public policy and non-profit management is a must. For more on the role and to apply, see here.

Director, Regulatory Affairs, Flexible Packaging Association, Annapolis

Representing industry manufacturers and suppliers, the Flexible Packaging Association is hiring a Director of Regulatory Affairs. Established in 1951, the association is the leading advocate and voice for the U.S. flexible packaging industry. Reporting to the President and CEO, the role requires travel and will focus on analyzing and responding to legislative and regulatory proposals impacting manufacturers of flexible packaging. Learn more and apply for the role here.

Communications Manager, Delta Regional Authority, Washington

Are you a communications executive with experience leading teams and strong press communication skills? The Delta Regional Authority (DRA), an independent federal agency, is looking for a Communications Manager to work remotely from within DRA’s eight-state region. Responsible for both internal and external strategies, you will oversee the DRA’s social media platforms, website, media relations newsletter and more, helping to inform the public about the impact of DRA in their communities. Find out everything you need to know here.

For these and thousands of other opportunities, check out The Hill Jobs Board

​Lobbying, Business The golden years have never been so productive. New research is showing that the fastest-growing group in the workforce is seniors over the age of 75. A recent Pew Research Center survey reported that not only are there more older adults in employment – tripling from 2% in 1987 to 7% now – but they…