Editor’s Be aware: This story initially appeared on U.S. Cash Reserve.
Because the inhabitants continues to age, a rising variety of people are extending their careers nicely past the normal retirement age. This pattern is influenced by a number of components, together with financial necessity, private success, and governmental insurance policies that encourage prolonged participation within the workforce.
One other key driver behind this shift is growing life expectancy and the next want for sustained monetary safety, notably in an period the place pensions and retirement advantages could also be inadequate to cowl bills in post-retirement years.
The labor drive participation fee of people age 65 and older varies considerably throughout america, with distinctive financial and cultural components contributing to the place extra older adults proceed to work previous the normal retirement age.
Metro areas, typically hubs of financial exercise with various employment alternatives and excessive academic attainment, present environments the place older employees can keep jobs that go well with their expertise and bodily capabilities.
To seek out the locations with the most individuals working previous retirement age, researchers at U.S. Cash Reserve, a number one distributor of government-issued gold, silver, platinum, and palladium, carried out an evaluation. See the methodology on the finish for extra particulars.
Listed below are the main metro areas the place persons are working in retirement.
15. Los Angeles-Lengthy Seaside-Anaheim, CA
- Share of over-65 inhabitants within the labor drive: 21.1%
- Whole over-65 inhabitants within the labor drive: 421,205
- Share of inhabitants over 65: 15.5%
- Share of labor drive that’s over 65: 6.1%
- Median wage & wage earnings for full-time employees over 65: $63,000
- Median wage & wage earnings for full-time employees age 16-64: $60,000
14. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Share of over-65 inhabitants within the labor drive: 21.3%
- Whole over-65 inhabitants within the labor drive: 228,030
- Share of inhabitants over 65: 17.3%
- Share of labor drive that’s over 65: 6.8%
- Median wage & wage earnings for full-time employees over 65: $60,000
- Median wage & wage earnings for full-time employees age 16-64: $63,000
13. Richmond, VA
- Share of over-65 inhabitants within the labor drive: 21.4%
- Whole over-65 inhabitants within the labor drive: 41,620
- Share of inhabitants over 65: 16.8%
- Share of labor drive that’s over 65: 6.5%
- Median wage & wage earnings for full-time employees over 65: $60,000
- Median wage & wage earnings for full-time employees age 16-64: $60,000
12. San Jose-Sunnyvale-Santa Clara, CA
- Share of over-65 inhabitants within the labor drive: 21.4%
- Whole over-65 inhabitants within the labor drive: 60,469
- Share of inhabitants over 65: 15.1%
- Share of labor drive that’s over 65: 5.8%
- Median wage & wage earnings for full-time employees over 65: $80,000
- Median wage & wage earnings for full-time employees age 16-64: $100,000
11. Austin-Spherical Rock-San Marcos, TX
- Share of over-65 inhabitants within the labor drive: 21.4%
- Whole over-65 inhabitants within the labor drive: 64,271
- Share of inhabitants over 65: 12.2%
- Share of labor drive that’s over 65: 4.5%
- Median wage & wage earnings for full-time employees over 65: $63,000
- Median wage & wage earnings for full-time employees age 16-64: $65,000
10. Denver-Aurora-Centennial, CO
- Share of over-65 inhabitants within the labor drive: 21.5%
- Whole over-65 inhabitants within the labor drive: 81,976
- Share of inhabitants over 65: 13.9%
- Share of labor drive that’s over 65: 5.0%
- Median wage & wage earnings for full-time employees over 65: $65,000
- Median wage & wage earnings for full-time employees age 16-64: $65,000
9. New York-Newark-Jersey Metropolis, NY-NJ
- Share of over-65 inhabitants within the labor drive: 21.5%
- Whole over-65 inhabitants within the labor drive: 719,633
- Share of inhabitants over 65: 17.2%
- Share of labor drive that’s over 65: 7.0%
- Median wage & wage earnings for full-time employees over 65: $70,000
- Median wage & wage earnings for full-time employees age 16-64: $70,000
8. Baltimore-Columbia-Towson, MD
- Share of over-65 inhabitants within the labor drive: 21.6%
- Whole over-65 inhabitants within the labor drive: 101,885
- Share of inhabitants over 65: 16.9%
- Share of labor drive that’s over 65: 6.8%
- Median wage & wage earnings for full-time employees over 65: $70,000
- Median wage & wage earnings for full-time employees age 16-64: $66,000
7. Houston-Pasadena-The Woodlands, TX
- Share of over-65 inhabitants within the labor drive: 21.6%
- Whole over-65 inhabitants within the labor drive: 192,716
- Share of inhabitants over 65: 12.3%
- Share of labor drive that’s over 65: 5.2%
- Median wage & wage earnings for full-time employees over 65: $60,000
- Median wage & wage earnings for full-time employees age 16-64: $55,000
6. Columbus, OH
- Share of over-65 inhabitants within the labor drive: 21.9%
- Whole over-65 inhabitants within the labor drive: 65,085
- Share of inhabitants over 65: 14.4%
- Share of labor drive that’s over 65: 5.8%
- Median wage & wage earnings for full-time employees over 65: $50,000
- Median wage & wage earnings for full-time employees age 16-64: $60,000
5. Memphis, TN-MS-AR
- Share of over-65 inhabitants within the labor drive: 22.2%
- Whole over-65 inhabitants within the labor drive: 41,336
- Share of inhabitants over 65: 15.3%
- Share of labor drive that’s over 65: 6.7%
- Median wage & wage earnings for full-time employees over 65: $53,000
- Median wage & wage earnings for full-time employees age 16-64: $50,000
4. Dallas-Fort Price-Arlington, TX
- Share of over-65 inhabitants within the labor drive: 23.6%
- Whole over-65 inhabitants within the labor drive: 224,689
- Share of inhabitants over 65: 12.1%
- Share of labor drive that’s over 65: 5.3%
- Median wage & wage earnings for full-time employees over 65: $57,000
- Median wage & wage earnings for full-time employees age 16-64: $56,000
3. Salt Lake Metropolis-Murray, UT
- Share of over-65 inhabitants within the labor drive: 24.4%
- Whole over-65 inhabitants within the labor drive: 38,666
- Share of inhabitants over 65: 11.9%
- Share of labor drive that’s over 65: 5.2%
- Median wage & wage earnings for full-time employees over 65: $65,000
- Median wage & wage earnings for full-time employees age 16-64: $56,000
2. Boston-Cambridge-Newton, MA-NH
- Share of over-65 inhabitants within the labor drive: 24.6%
- Whole over-65 inhabitants within the labor drive: 203,639
- Share of inhabitants over 65: 17.2%
- Share of labor drive that’s over 65: 7.4%
- Median wage & wage earnings for full-time employees over 65: $74,000
- Median wage & wage earnings for full-time employees age 16-64: $78,000
1. Washington-Arlington-Alexandria, DC-VA-MD-WV
- Share of over-65 inhabitants within the labor drive: 25.5%
- Whole over-65 inhabitants within the labor drive: 230,287
- Share of inhabitants over 65: 14.4%
- Share of labor drive that’s over 65: 6.5%
- Median wage & wage earnings for full-time employees over 65: $80,000
- Median wage & wage earnings for full-time employees age 16-64: $80,000
Methodology
The info used on this evaluation is from the U.S. Census Bureau’s 2022 American Neighborhood Survey launched in 2023.
Researchers at U.S. Cash Reserve ranked places by share of the 65-and-older inhabitants within the labor drive. Folks had been thought of to be within the labor drive in the event that they had been employed or unemployed however actively searching for work.
The researchers additionally calculated the full over-65 inhabitants within the labor drive, share of inhabitants over 65, share of labor drive over 65, median wage and wage earnings for full-time employees over 65, and median wage and wage earnings for full-time employees ages 16-64.
To enhance relevance, metropolitan areas had been grouped into cohorts primarily based on inhabitants measurement: small (lower than 350,000), midsize (350,000–999,999), and huge (1,000,000 or extra).
