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> To be sure, the unemployment rate for Americans age 55 and older was 3% as of January, which remains near historic lows. The "Unemployment Rate" measurement
by ryandrake 2y ago
> To be sure, the unemployment rate for Americans age 55 and older was 3% as of January, which remains near historic lows.
The "Unemployment Rate" measurement always seems so fraught and useless to cite. I wonder how many of these 55 and olders would love to work but gave up looking and decided to just accept a less secure retirement. More interesting would be the workforce participation rate of 55+ seniors. I doubt it's at "historic" highs.
- rufus_foreman 2y ago>> More interesting would be the workforce participation rate of 55+ seniors. I doubt it's at "historic" highs. Here's the graph from FRED: https://fred.stlouisfed.org/series/LNS11324230 https://fred.stlouisfed.org/series/LNS11324230. It went down slightly when Covid hit, but is still higher than it was during the 1970's, 1980's, 1990's and the first half of the 2000's.
- apothegm 2y agoOf course, a lot more people at age 55 back then were eligible for social security or corporate pensions than now. So not working was something they could choose to do not out of despair but for the sake of enjoying a comfortable retirement.
- rufus_foreman 2y agoNobody was eligible for SS at age 55, but they did gradually increase the full retirement age for SS (FRA) which is probably the majority of the change you see in that graph (note the axis). Probably other changes too, but I would guess that's the main one. Average (meaning median) US retiree has jack shit other than SS and hopefully their house.