Increased employment among workers who are at least 65 years old has taken on out-sized proportion of job growth in the last two years.
The economy gained a little more than 2 million jobs over the past 12 months, according to the Bureau of Labor Statistics. The number of employed workers age 65 or older rose by 697,000 — about 36% of the total gain.
The economy gained a little more than 2 million jobs over the past 12 months, according to the Bureau of Labor Statistics. The number of employed workers age 65 or older rose by 697,000 — about 36% of the total gain. However, the gain by workers at least 65 years old over the last two years represents a sharp spike relative to total job gains. That ratio has typically been between 10% and 30%, Madowitz said, but it has been above that in the last two years.
"Many older Americans who wanted to retire lost everything. These are folks who were 50 years old then, 55, looking to retire in three or four years time, lost their jobs, lost their homes, lost their retirements. And all of a sudden they're starting back from scratch," Officer said. "It's a small percentage of them that come to us that have retired and decided, 'Eh, I'm bored.' It happens, but it's not the majority. The majority of the people that come to us are people who have continued to work," Wolniewicz said.
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