What Percentage of 70 Year Olds Are Still Working?
Turning 70 is a significant milestone for many people. But for some, it marks the age at which they are still working full-time. While the majority of 70 year olds are retired, there is a small percentage of people who are still in the workforce.
How Many 70 Year Olds Are Working?
The U.S. Bureau of Labor Statistics (BLS) reports that 6.8% of people aged 65-74 were employed in 2019. This is slightly higher than the 6.3% of people aged 70-74 who were employed in 2019.
Why Are 70 Year Olds Working?
There are a variety of reasons why 70 year olds are working. Some people are financially unable to afford to retire and choose to stay in the workforce to make ends meet. Others may view their job as a social outlet and choose to stay employed for this reason. Additionally, some 70 year olds may simply enjoy the work they do and choose to stay employed for that reason.
What Types of Jobs Do 70 Year Olds Have?
The BLS states that the most common occupations for people aged 70-74 are:
- Sales – 12.7%
- Management – 10.9%
- Office and Administrative Support – 9.4%
- Education, Training, and Library – 7.2%
- Construction and Extraction – 6.6%
Are 70 Year Olds Working More Than Before?
The BLS states that the percentage of 70 year olds who were employed in 2019 was 4.7% higher than it was in 2014. This increase can largely be attributed to the fact that people are living longer and healthier lives. Additionally, the job market has become more accommodating to older workers, allowing more people to remain employed longer.
What Are the Advantages of Working After 70?
Working after 70 can have a number of advantages. First and foremost, it can provide an additional source of income, which can be especially useful for people who are unable to afford to retire. Working after 70 can also provide a sense of purpose and social connection, both of which can be beneficial for maintaining physical and mental health.
What Are the Challenges of Working After 70?
Working after 70 can also present some challenges. People aged 70 and older may face age discrimination when applying for jobs, which can make it difficult to find employment. Additionally, older workers may also face physical limitations, which can make certain jobs more difficult.
Are There Any Programs To Help Older Workers?
There are a number of programs designed to help older workers. The U.S. government offers a number of tax incentives for people aged 65 and older who are still working. Additionally, many employers offer flexible working arrangements, such as part-time or remote work, which can make it easier for people to remain in the workforce.
What Are the Trends in 70 Year Olds Working?
The percentage of 70 year olds who are working is expected to continue to rise in the coming years. According to the BLS, the number of people aged 65-74 who were employed in 2019 was 12.6 million, a 4.7% increase from 2014. This trend is expected to continue as people are living longer and healthier lives, and as the job market becomes more accommodating to older workers.
The percentage of 70 year olds who are still working is small, but it is slowly increasing. People may stay in the workforce for a variety of reasons, ranging from financial necessity to a desire for social connection. There are a number of programs and tax incentives designed to help older workers, and the trend of 70 year olds working is expected to continue in the coming years.