“There’s going to be more old people doing everything. Working, traveling, eating out. It’s an unavoidable trend.”

The graying of the American workforce continues: Baby boomers are working longer and earning more than their predecessors did in what Americans typically think of as retirement years, new research finds.

Almost 20% of Americans ages 65 and older were employed this year, according to a new report from Pew Research Center. That’s nearly double the share of those who were working 35 years ago. In total, there are around 11 million Americans 65 or older who are working today, comprising 7% of all wages and salaries paid by U.S. employers. In 1987, they made up 2%.

And not only are more Americans at or above the traditional retirement age of 65 working, but they are also earning substantially more compared with what older workers earned in the 1980s. Now, the typical older worker earns $22 per hour, compared with $13 per hour then. Their wage growth—some of which can be attributed to their working longer hours than older Americans did in the past—has outpaced that of workers ages 25 to 64 over the same time period, according to Pew’s research, which is based on data from the U.S. Census Bureau’s Current Population Survey and the Federal Reserve’s 2022 Survey of Household Economics and Decisionmaking.

  • TechyDad@lemmy.world
    10·
    1 year ago

    Let’s pretend hearing aids are 2.5k and you’re lucky enough to have insurance that covers them every few years. You’re still out of pocket at least 1k, burning another month.

    My hearing aids were $3,600 and they were the lower end of the scale. And my insurance didn’t cover a single penny of it.

    Boomers are fucked earning that. Millenials are even more fucked. Who knows how fucked GenZ is.

    And GenX is ignored again!

    Sorry. As a GenX-er, I felt compelled to point that out. Don’t be surprised if future articles talk about how GenX isn’t retiring, but is continuing to work, though. Personally, I’m doing fine for now, but my retirement savings are way too low. I could either save more for retirement and end up financially underwater right now, or keep my head above water and then struggle when it comes time to retire.

    So I’ll likely be working until I’m 80 in the hopes of stretching my meager retirement savings through the rest of my life. And that’s assuming that Social Security isn’t gone by then.

    • thesmokingman@programming.dev
      2·
      1 year ago

      Fair callout! I shouldn’t keep forgetting GenX.

      In researching all the bullets I was really surprised to find that hearing aids aren’t covered. It’s something like five states have some level of requirement. As someone with hearing loss, that’s really concerning and I’m not looking forward to that.