As
the
U.S.
workforce

continues
to
age
commensurately
with
the
population
at
large,
a

new
report
by

U.S.
Money
Reserve
illustrates
that
the
highest
concentration
of
older
workers
—
those
at
or
over
the
age
of
65
—
are
concentrated
in
the

New
England
region
of
the
country.

Based
on
data
from
the


U.S.
Census
Bureau’s

2022
American
Community
Survey
released
last
year,

Vermont
was
found
to
have
the
highest
share
of
its
over-65
population
active
in
the
workforce.
24.8%
of
the
retirement-age
population
in
that
state
is
still
working,
followed
closely
by
other
New
England
states:

Massachusetts
(23.8%),

New
Hampshire
(23.0%)
and

Connecticut
(22.6%).

“These
areas
tend
to
have
both
high
educational
attainment
and
high
living
costs,”
the
analysis
said.
“Higher
educational
attainment
means
that
individuals
are
more
likely
to
work
in
occupations
that
allow
for
continued
employment
even
as
their
physical
abilities
decline.
At
the
same
time,
higher
living
costs
likely
incentivize
older
individuals
to
remain
in
the
workforce
longer
to
save
more
for
retirement.”

On
the
other
side
of
the
spectrum
were
states
in
the
U.S.
South,
the
report
said.

“Southern
states
with
less
expensive
living
costs
and
lower
levels
of
educational
attainment
tend
to
have
the
lowest
rates
of
senior
labor
force
participation,”
it
reads.

West
Virginia
(14.0%),

Alabama
(15.7%),

Kentucky
(16.0%)
and

Mississippi
(16.1%)
are
among
the
lowest
ranked
states
on
the
list
for
an
active
senior
workforce,
while

Arizona
(15.6%)
also
stands
out
with
low
levels
of
retirement-age
workers
due
to
its
status
as
a
popular
retirement
destination.
Comparatively,

Florida
stands
at
16.8%,
ranking
eighth
on
the
list
of
the
15
“bottom”
states.

In
terms
of
major
metropolitan
areas,
more
than
one-quarter
(25.5%)
of
the
senior
population
in
the

Washington,
D.C.
metropolitan
area
—
encompassing
Arlington
and
Alexandria,
Virginia
and
parts
of
West
Virginia
—
are
still
working.
The
Boston-Cambridge-Newton
metro
area
came
in
second
with
24.6%,
followed
by
the
Salt
Lake
City-Murray,
Utah
region
(24.4%).

Major
metros
with
the
lowest
numbers
of
seniors
in
the
workforce
are
led
by
the
Grand
Rapids-Wyoming-Kentwood,
Michigan
area
(15.7%),
followed
by
Tampa-St.
Petersburg-Clearwater,
Florida
(15.8%)
and
the
Sacramento,
California
(16.3%)
area.

“After
declining
for
several
decades,
the
labor
force
participation
rate
among
individuals
age
65
and
older
has
experienced
a
notable
increase
since
the
1980s,”
the
analysis
said.
“After
reaching
a
low
of
10.8%
in
1985,
the
participation
rate
has
steadily
climbed,
reaching
19.2%
in
2023.
This
near
doubling
of
worker
participation
aligns
closely
with
significant
changes
in
government
policy.”

These
policies
include
a
major
shift
from
pensions
to
401(k)-based
retirement
plans,
and
gradual
increases
in
the
full
retirement
age
recognized
by
the
Social
Security
program,
which
incentivizes
more
workers
to
delay
retirement,
the
report
explained.

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