An Aging Workforce and Population in US, Connecticut Workforce Among Oldest

With the American population aging and fewer younger people entering the labor pool than in the past, the Boston Globe reported recently, “more than a quarter of the nation’s employees will be aged 55 and older by 2028, according to projections from the US Senate Special Committee on Aging Workforce” which indicated that the number of Americans who are working past age 55 is at a historic high.

“The oldest segment of the workforce, people 75 and older, is expected to grow by 96.5 percent from 202 to 2030, according to the Bureau of Labor Statistics,” the Globe reported.

About 22% of American adults 65 and older continued to work in 2024. According to a LendingTree analysis of U.S. Census Bureau data. Growth in the 65 and older population, higher cost of living and other factors have led to a large share of older adults in the workforce.

New Jersey saw the highest share of working adults over the age of 65 in 2024, at 33.8%.  Connecticut ranked fifth in the U.S., at 30.3 percent.  New York ranked 6th at 29.3%; Massachusetts ranked #20 at 24 percent.

Overall, Connecticut’s population continues to age.  The latest data, from the U.S. Census Bureau in 2023, as reported by Stats America, indicates that the state’s median age is 41.3 years, higher than in the neighboring states of Rhode Island (40.8 years) and Massachusetts (40.3 years).  Connecticut ranked #7 in the nation, Rhode Island was #10, Massachusetts #17.   The states with the highest median age were all New England states - Maine, New Hampshire and Vermont.  The youngest median age was in Utah, at 32.3.

The US Senate report found that “The business case for age-friendly workplaces is strong. Hiring and retaining older workers can help employers retain valuable skills, address workforce shortages, and increase workplace diversity, which can contribute to improved outcomes.”  Key findings included this: “The number of older workers is growing at a rate that outpaces the overall growth of the labor force.”

The report also noted that “For many aging Americans, work provides a sense of purpose. Research consistently links work with improved physical, emotional, and cognitive health, financial stability and security, and quality of life.”