Nearly a fifth of those 65 and older are either continuing to work or actively looking for work. Image: Hyejin Kang/Shutterstock.com
By: FEDweek StaffThe share of the American population age 65 or older more than doubled in the last 40 years and is set to nearly double again over the next 40, according to a report from the HHS Administration on Aging.
The trend of an aging population has been closely watched for years for its implications for government programs such as Social Security and Medicare, as well as for impacts in areas ranging from demand for health care to trends in housing.
The report said that as of 2020, the figure was 55.7 million, compared with 25 million in 1980 and a projected 94.7 million in 2060. Soon an important milestone will be reached, it added, as more than half of the large Baby Boom population will be 65 or above.
It added, though, that being age 65 and up does not necessarily equate to being retired. Nearly a fifth in that age range are either continuing to work or actively looking for work, continuing a trend of recent years.
The report said that labor force participation hit a low point in 1985, when just 7.3 percent of women and 15.8 percent of men were working or looking for work. In both cases rates rose slightly through the 1990s—to the 8-9 and 20 percent ranges, respectively—but since then has gradually risen to 15.2 and 23-24 percent, respectively.
Other data in the report show that health conditions may be contributing to keeping people out of the workforce at those ages. A fifth reported “difficulty in functioning,” the most common being with mobility, followed by hearing difficulty even with a hearing aid, cognitive difficulty such as for remembering or concentrating, and vision difficulty even with glasses.
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