Why Are So Many Boomers Working Longer?

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by John Mauldin,

from Mauldin Economics,

There has been quite a lot of controversy in recent years around the idea that older workers – whose numbers are growing – have been taking jobs away from younger ones. Their numbers have certainly increased dramatically: the percentage of the labor force that is 55 or older grew from 29.4% in 1993 to 40.3% in 2013. And the unemployment rates of those 55 and older have dropped much faster than for younger cohorts; in fact we have seen those who are older than 55 take “market share” from the youngest. These are trends I’ve written about over the past year.

But did that increase and those trends cut into the employment prospects of young people? That is the central issue examined in today’s Outside the Box, which is an article by James J. Green that recently appeared on the ThinkAdvisor site. Green also does a nice job of laying out the reasons why Boomers are staying on the job. I have to admit that I was surprised by a few of the items he brought to my attention, and I think they’re worth thinking about.

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