https://www.axios.com/2024/09/01/workers-retire-career-gen-z-millennialIncreasing numbers of older Americans are putting off retirement, creating career ladder gridlock that is impacting younger workers.
Why it matters: As older workers stay in their jobs longer, their Gen Z and Millennial colleagues are often locked into lower-paying, junior-level roles.
State of play: The share of U.S. adults aged 65 and older in the labor market has steadily increased since the late 1980s.
A 2023 retirement confidence survey from the Employee Benefit Research Institute (EBRI) found that 33% of workers planned to retire at age 70 or older, or never. That's up from EBRI's 2021 survey, in which 26% of workers said the same thing.
Declining social security benefits and fewer jobs offering pension plans have contributed to a landscape in which most Americans aren't financially on track for retirement.
People generally are living longer and staying healthier as they age. Both play a role in how older workers remain on the job.
The big picture: This has contributed to a "tricky situation" on the career ladder "because there are only so many jobs to go around, especially at the higher levels," Colleen Paulson, a career consultant, told Axios.
