Tuesday, July 29, 2008

Staying on the Job

Just because your colleagues are getting older doesn't mean they're cutting back on work hours.

Among Americans age 65 or older who work, 56 percent held full-time jobs last year. That's a 10 percentage point rise from 1999, according to the Bureau of Labor Statistics. The number of full-time old-timers nearly doubled from 1995 to 2007.

The number of all older workers, full time and part time, rose dramatically in the decade -- far faster than younger workers. And the gains can't be blamed on baby boomers postponing retirement, BLS said, because even the oldest boomers aren't 65 yet. It's those ahead of them who are deciding to stay in jobs or are coming back after retiring.

Most of the growth in 65 and up workers was fueled by more women working -- either after their partner died or for another reason. But women are still far less likely to be in the labor force than men once they hit the "traditional retirement age" of 65.

They're paid far less, too, the BLS numbers show. Men aged 65 and older who worked full time earned a median weekly paycheck of $686, while their female counterparts were paid $534.

-- Vickie Elmer