Current Statistics on Working Past 70
Labor force participation rates for older Americans have been steadily increasing over the past few decades, a trend supported by recent data. In 2022, nearly one in five Americans between the ages of 70 and 74, or 18.4%, were part of the labor force. The participation rate for those aged 75 and older was 8.2% in the same year. Looking at the broader retirement-age demographic, about 19.5% of individuals aged 65 and older were participating in the labor force in 2024.
These figures demonstrate a clear and growing pattern of older adults choosing or needing to stay employed longer. The U.S. Bureau of Labor Statistics projects this trend will continue, with the proportion of workers aged 65 and older in the labor force expected to grow significantly by 2032.
Key factors influencing later-life employment
Several interconnected reasons explain why more people are continuing their careers well into their 70s:
- Financial Necessity: Many older Americans face inadequate retirement savings, forcing them to continue working to cover basic living expenses. Factors like increased life expectancy and high healthcare costs mean a fixed retirement income needs to stretch further than in previous generations.
- Health and Longevity: Improvements in health and medicine mean that many seniors are healthier and more physically capable of working than their predecessors. This allows them to stay in the workforce longer and more comfortably.
- Purpose and Fulfillment: For many, work is a source of social interaction, mental stimulation, and personal identity. Staying employed can provide a sense of purpose that might otherwise be lost in retirement, leading to better mental and physical health outcomes.
- Flexibility in the Workplace: A shift toward more flexible work arrangements, including remote work, part-time schedules, and consulting roles, makes it easier for seniors to find positions that accommodate their needs. The self-employment rate is also significantly higher among older workers.
- Delayed Social Security: Americans can boost their monthly Social Security benefits by up to 8% for each year they delay claiming past their full retirement age, up to age 70. Continuing to work allows individuals to delay claiming benefits and maximize their eventual payout.
Comparison of later-life employment factors
| Factor | Financial Motivation | Non-Financial Motivation |
|---|---|---|
| Primary Goal | Sustain or increase income and savings | Maintain purpose, stay active, and enjoy work |
| Main Driver | Inadequate retirement savings, rising costs | Personal satisfaction, mental and physical health, social connection |
| Impact on Career | Often involves staying in the same job or seeking supplementary income | Can involve transitioning to a less demanding role, part-time work, or a new career path |
| Typical Industries | Service, physically-demanding roles, or supplementary income jobs | Professional, management, consulting, and creative fields |
| Work Schedule | May involve full-time hours to meet income needs | More likely to be part-time or offer flexible arrangements |
| Potential Downside | Higher tax burden, potential for added stress | Less structure in retirement, risk of burnout if boundaries are not set |
Demographics of the older workforce
The demographics of the older workforce are also changing. A Pew Research Center study indicates that older adults are one of the few age groups expected to increase their labor force participation rate over the next decade. This growth is partly fueled by higher educational attainment among older adults, which often correlates with less physically demanding, and therefore more age-friendly, jobs.
Older Americans are also increasingly opting for part-time work. In 2024, nearly 40% of employed individuals aged 65 and older worked part-time, compared to a much smaller percentage of middle-aged workers. This shift allows older adults to balance work with leisure and health needs, providing a gradual transition into full retirement. Furthermore, self-employment is a popular path, with older workers being nearly three times more likely to be self-employed than younger adults.
The outlook for the aging workforce
As the U.S. population ages, the number of people working past 70 is expected to continue its upward trajectory. Employers are starting to recognize the value of experienced older workers and are adapting their policies to attract and retain them. The integration of flexible and remote work options, along with tailored benefits, are making extended careers more accessible.
Despite the positive trends, challenges remain. Older workers, particularly those in physically demanding jobs, may face limitations due to health issues. Age discrimination can also present a significant hurdle for those seeking new employment. However, with sustained interest from employees and increasing accommodation from employers, the percentage of people working past 70 will likely continue to grow, reshaping the landscape of retirement for future generations.
Conclusion
In recent years, a growing percentage of people work past 70, reflecting significant shifts in societal, economic, and health-related factors. While financial pressures remain a strong motivation, improved health, a desire for personal fulfillment, and greater workplace flexibility are also key drivers. The demographics of this older workforce are evolving, with more individuals opting for part-time, self-employed, or less physically demanding roles. As this trend continues, both employers and employees will need to adapt, ensuring a supportive environment for those who choose or need to extend their working lives.
