Editor’s Notice: This story initially appeared on SmartAsset.com.
The normal retirement age of 65 just isn’t a common benchmark, particularly for a lot of older staff who’re staying within the workforce past this age. The Social Safety Administration has set the complete retirement age for staff born in 1960 or later at 67. Moreover, the U.S. Bureau of Labor Statistics tasks that 33.2% of staff between the ages of 65 and 74, in addition to 11.8% of these 75 and older, will nonetheless be working in 2029. With all this in thoughts, SmartAsset recognized and ranked the cities the place seniors are more and more staying within the workforce for 2021.
To take action, we examined labor drive participation charges for the 100 largest cities within the U.S. from 2014, 2018 and 2019 to see the speed of change. For particulars on our knowledge sources and the way we put all the knowledge collectively to create our last rankings, take a look at the Knowledge and Methodology part beneath.
That is SmartAsset’s second research on the place seniors are staying within the workforce. You could find the 2020 model right here.
1. Paradise, NV
Paradise ranks on the prime of this research and has had the second-highest change in senior labor drive participation fee, leaping 6.3% in a single 12 months and seven% in 5 years. The senior labor drive participation fee for this metropolis was 24.1% in 2019.
2. New Orleans, LA
New Orleans ranks second with the best five-year change within the labor drive participation fee (7.5%). The speed additionally jumped 5.9% in a single 12 months, the fourth-highest on this research.
3. Tucson, AZ
The senior labor drive participation fee for Tucson grew 6.7% in 5 years as much as 20.6% in 2019, the third-highest five-year improve on this research. The town additionally grew 6.1% in a single 12 months, rating third for this metric as effectively.
4. Fort Lauderdale, FL
Fort Lauderdale’s senior labor drive participation fee jumped 6.4% from 18.6% in 2014 to 25% in 2019, the fourth-highest five-year improve on this research. The town additionally had the Eleventh-highest one-year improve, at 4.3%.
5. Port St. Lucie, FL
The Port St. Lucie senior labor drive participation fee jumped by 6.2% between 2015 and 2019. The speed additionally grew 2.6% in a single 12 months, the 18th-highest improve for that metric.
6. Buffalo, NY
Buffalo’s senior labor drive participation fee jumped 4.3% from 14.8% in 2014 to 19.2% in 2019. The town’s greatest improve, nevertheless, occurred between 2018 and 2019 (4.4%), the Tenth-highest one-year change on the checklist.
7. Virginia Seaside, VA
The senior labor drive participation fee in Virginia Seaside grew 5.4% between 2014 and 2019, the seventh-highest five-year uptick on this research. The one-year change from 2018 to 2019 was 2.6%, rating nineteenth.
8. Boise, ID
The Boise labor drive participation fee for seniors was 20.6% in 2019. That represents a soar of three.7% since 2014, the Twenty first-highest five-year change on this research. The speed additionally grew 5.2% from 2018 to 2019, the sixth-highest improve for one 12 months.
9. Pittsburgh, PA (tie)
The senior labor drive participation fee in Pittsburgh grew 4.7% between 2014 and 2019. That is the Eleventh-highest improve over a five-year interval. The Metal Metropolis additionally had the Seventeenth-highest one-year change, rising 3% since 2018.
9. Cell, AL (tie)
Cell’s senior labor drive participation fee grew 4.5% between 2014 and 2019, the Twelfth-highest change on this research. The speed additionally grew 3.1% in a single 12 months, the Sixteenth-highest fee for this metric within the research.
Knowledge and Methodology
To rank the cities the place seniors are staying within the workforce, SmartAsset analyzed knowledge from the 100 cities within the nation with the most important senior populations. Particularly, we appeared on the following two components:
- Change in senior labor drive participation fee between 2014 and 2019. Knowledge is for residents who’re 65 and older and comes from the Census Bureau’s 2014 and 2019 1-year American Group Surveys.
- Change in senior labor drive participation fee between 2018 and 2019. Knowledge is for residents who’re 65 and older and comes from the Census Bureau’s 2018 and 2019 1-year American Group Surveys.
We ranked every metropolis based mostly on its improve from 2014 by means of 2019 and on its improve from 2018 to 2019. We then discovered every metropolis’s common rating throughout the 2 metrics. We produced a last rating based mostly on these averages. The town with the best common rating was given an index rating of 100, and the bottom was given an index rating of 0.
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