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The share of Americans reporting retirement has fallen over the past two years, while some states have seen the share of older workers skyrocket over the same period.
Analysis of Recent U.S. Census Bureau Data By LendingTree The share of adults age 65 and older who were employed declined slightly from 22.5% in March 2022 to 22% in March 2024. At the same time, the share of adults who reported being retired fell from 16.8% to 16.2%.
The study said a large increase in the number of people over 65, changes in Social Security policies and the rising cost of living are all factors that are keeping many older people in the workforce. By comparison, it pointed to Pew Research Center data that in 1987, only 11 percent of the workforce was of retirement age.
LendingTree pointed to states that have seen the largest increases in older workers over the past two years.
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1. New Jersey
Downtown Newark, New Jersey and the Passaic River (Marlee Miller/UCG/Universal Images Group via Getty Images/Getty Images)
New Jersey Retirement-age workers saw the highest growth, topping the list with a staggering 66.5% increase: The Garden State’s share of workers age 65 and older jumped from 20.3% to 33.8% from March 2022 to the same month this year.
2. Delaware
Delaware had the second-highest growth rate in older workers, increasing 37.4%, from 19.8% two years ago to 27.2%.
3. Indiana
Aerial view of downtown Indianapolis (iStock/iStock)
In third-ranked Indiana, the percentage of workers aged 65 or older has increased from 17.4% to 23% over the past few years.
4. Montana
Montana’s percentage of older workers increased from 18.9% to 24.2%, putting it fourth on the rankings.
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5. Connecticut
Connecticut rounded out the top five, with its workforce 65 and older increasing from 24.2% to 30.3%.
Lending Tree’s research also revealed which states saw the biggest declines in the share of older workers.
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West Virginia The biggest decline was seen among workers aged 65 and over, who plummeted from 23.9% to 15.7% over the two-year period.
Other states that saw the most dramatic declines in the share of older workers were Kansas, Washington DCKentucky, and Michigan.
