Today’s workers are likely to celebrate their 65th birthdays with a cake and a short gathering of coworkers in the break room – not with a big retirement party complete with the awarding of a gold watch. Retirement has taken on a new look, and employers must be ready for that trend to continue.
The U.S. Census Bureau released a report in January showing that the workforce participation rate for people 65 and older has been on the rise for the past 20 years but especially during the last decade. The Census Bureau’s new American Community Survey brief says that the percentage of people 65 and older in the labor force increased from 12.1 percent in 1990 to 16.1 percent in 2010. Within the 65 and over population, 65- to 69-year-olds saw the largest increase in labor force participation.