Just when you thought all the good boomers were gone, a new report suggests just the opposite.
According to the nonpartisan Employee Benefit Research Institute, workers aged 55 or older in the labor force increased from about 38% in 1993 to 45% in 2006. For those ages 65 to 69, the percentage increased from about 18% in 1985 to 29% in 2006.
Additionally, the EBRI says the percentage of workers age 55 or older who work full time, full year steadily increased from 54% in 1993 to 64% in 2005. The EBRI’s report points out that this trend might be driven by older employees’ need to obtain affordable employment-based health insurance.
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There is a slight increase among older female workers as well. Companies are starting to see more and more 55+ female workers: an increase from nearly 47% in 1993 to about 59% in 2005. Among male workers aged 55+, the numbers increased from about 61% in 1993 to nearly 70% in 2005.
The Washington, DC-based nonprofit research institute predicts this trend will only continue, alluding to private-sector employers who are phasing out retiree health insurance for younger workers. In addition, the report suggests that companies that are shifting out of defined benefit pensions and into defined contribution retirement plans means workers might need to continue to accumulate savings.