“Not only are older workers increasing in number, but their earning power has grown in recent decades. In 2022, the typical worker age 65 or older earned $22 per hour, up from $13 in 1987,” Pew reported. There is also a social component in which older workers want to continue to build connections and relationships. There is also more wealth for the current cohort of 65-year-olds, according to the data. That equates to a 45% increase in overall net worth, which can largely be attributed to rising home values and retirement account balances.

Source: Wall Street Journal February 21, 2024 02:56 UTC