THE AMERICAN WORK FORCE IS GETTING OLDER

            The United States Labor Department’s December, 2010 survey showed an increase of 7.6% in the number of people over the age of fifty-five (55) who held jobs, compared to the same time period in 2007, when the recession was beginning.

            By contrast, there were fewer jobs held by people in all age groups under fifty-five (55).   Overall, the number of people working was down by 4.9%.

            Thirty (30) years ago, one in seven jobs was held by a person who was fifty-five (55) or older.  Today, the number of jobs held by such persons is one in five.

            There are numerous possible reasons for this.  First is changing demographics.  There are simply more older, healthy persons today than there were thirty (30) years ago.  Second, it appears that fewer older workers with jobs are willing to retire, most likely because of the decrease in their retirement accounts.  Third, more younger people are furthering their education and thus postponing entering the job market.

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