The U.S. Bureau of Labor Statistics released new statistics recently about the ways Americans are retiring now (in that, they aren’t), including details about women’s ongoing participation in the workforce. By 2024, the BLS predicts that women over the age of 65 will make up an equal percentage of the workforce as men of the same age. By the same year, the BLS predicts that nearly 1 in 10 workers will be over the age of 65.
Notably, the BLS also found that by 2024 “there will be twice as many women over 55 in the labor force as women aged 16-24.” This, in part, is due to the decline of younger women’s participation in the workforce. From Quartz:
In 2024, the youngest boomer will be 59, but baby boomers are less likely to retire than previous generations. Average lifespans have risen (pdf) in the US, and market dislocations can make defined-contribution pensions, like 401(k) plans, riskier. Many boomers doubt they’ll ever see a Social Security check.
Teri Morisi, an economist for the BLS, told Quartz, “[Boomers are] living longer, so they need income to last throughout their lives. They don’t have a traditional plan anymore where they know what their benefit is going to be, and some people are working so that they can keep their health coverage from their employer.”