Senior Workforce: A Revolution on the Horizon
A new group of senior citizens is gathering, ready to bring their knowledge, experience, and drive to the workforce.
When Geri Morris was forced to retire from the Greenville Housing Authority (GHA) in 1998, she was excelling in every aspect of her job. She worked long hours and loved what she did, but at 79 years old, someone decided it was time for her to retire, despite it being against the law.
“She didn’t know she had the power to fight back against the injustice, so she didn’t,” said her son Henry J. Morris. “But I wonder what would happen in a similar situation today, as age discrimination in the workforce is less common now.”
And this trend is only going to decrease further.
The population in the U.S. is getting older, and soon seniors will be the largest age group in the nation. Employers will see the value in keeping older workers for crucial roles in various industries like accounting, insurance, medicine, law, media, education, hospitality, and tourism. An older workforce may be the solution to ongoing labor shortages, high turnover rates, and long-term job loyalty.
“The increasing demand for older workers in the U.S. is due to the aging population and a labor shortage following the 2020 pandemic,” said Joseph Von Nessen, a research economist at the University of South Carolina.
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“The retirement of the Baby Boomers is the main reason for this labor shortage,” Von Nessen added.
With many retirees and a lack of younger workers to replace them, there are gaps in various professions that will only grow in the near future.
For instance, the first baby boomers qualified for early retirement benefits in 2008, and since then, about 35 million have retired or reached retirement age. The Census Bureau estimates that 12,000 Americans turn 65 every day in 2024, which amounts to another 4.4 million reaching retirement age.
The Census Bureau predicts that older adults will outnumber children for the first time in U.S. history by 2034.
“The aging population means that the average age of the workforce will increase over time,” explained Von Nessen.
“And with a strong job market and an aging population, the senior workforce is likely to continue growing in the coming years in ways we couldn’t have predicted not long ago.”
