Since December 2007 – the start of the most recent recession – the share of older working women has grown while the percentage of every other category of U.S. worker—by gender and age—has declined or is flat, according to Nick Timiraos of The Wall Street Journal.
In 1992, one in 12 women worked past age 65. That number is now around one in seven. By 2024, it will grow to almost one in five, or about 6.3 million workers, according to Labor Department projections.
It’s really one of the most stunning developments that we’ve seen in the labor market over the last 50 years,” said Richard Johnson, director of the Urban Institute’s program on retirement policy.
Since people are living longer, they’re concerned about outliving their savings. The past recession made things worse, forcing many workers out of jobs before they could afford to retire. While older workers were less likely to lose their jobs in the recession than younger workers, the older workers who did, particularly women, were hit hardest, according to researchers at the Federal Reserve Bank of St. Louis.