The Rise of Older Workers: Working Longer, Earning More, and Happier Than Ever
The number of older workers in the U.S. has nearly doubled in the past 35 years, with 19% of Americans aged 65 and older now employed. These older workers are earning higher wages, with the typical worker aged 65 or older earning $22 per hour in 2022, compared to $13 in 1987. They are also working more hours, more likely to have a college degree, and have increased access to employer-provided benefits. Older workers now account for 7% of all wages and salaries paid by U.S. employers, triple the share in 1987. They are also more satisfied with their jobs compared to younger workers. The demographic makeup of the workforce has also changed, with more women and increased racial and ethnic diversity among both older and younger workers.