Research

Unfriendly Labor Markets for Older Workers

April 6, 2023

Research Note | Unfriendly Labor Markets for Older Workers Require Bold Moves for Retirement Savings: Analysis of Labor Force Engagement of Older People in Selected States

Authors: Teresa Ghilarducci and Owen Davis

Summary of Findings:

  • The labor market in the United States is precarious for older workers; therefore, workers need adequate retirement savings. Working longer may not be an option for many workers.
  • Participation in the labor force drops for workers between the ages of 55 and 64 as many people get pushed out of the labor force due to age discrimination, layoffs, or poor health.
  • Only 13% of men and 25% of women between the ages of 45 and 54 are not in the labor force. That number rises to 29% of men and 40% of women between the ages of 55 and 64.
  • Bills like the Retirement Savings for Americans Act, introduced by Senators John Hickenlooper (D-CO) and Tom Tillis (R-NC), and Representatives Terri Sewell (D-AL) and Lloyd Smucker (R-PA) would help vulnerable older workers have an orderly transition to retirement.

 

Read more here.