Workers 65+ make more than younger workers, according to Census study
A new study shows that the share of Americans ages 65 and up who continue to work full-time has more than doubled in the past 20 years. The percentage rose from 4.2% to 8.6%, according to research from consumer advocate group Smartest Dollar. The study also found that there are 23 million more seniors than in 2000, according to U.S. Census records.
The Greenville area’s average wage for seniors working full-time was $55,607 in 2021, just above the national average of $55,000. That’s a marked increase since 2000, when the average wage for the same group was $41,715 in inflation-adjusted dollars. The typical full-time working senior earns $3,000 more than the typical worker aged 16-64.
The Greenville-Anderson-Mauldin metro area ranked 31st out of 57 metros ranked. The study, which used the U.S. Census Bureau’s 2021 American Community Survey, found the Washington DC-Arlington-Alexandria metro area to be the best-paying large metro for seniors after cost-of-living adjustments, with average wages at $73,649.
Social Security and other benefits have changed in ways that encourage people to work longer, the study found, including the increase in full retirement age, larger credits for retiring later, and changes to benefit payouts. Other study participants cited the change from pensions to 401(k) accounts, which offer incentives to keep working and contributing to savings.
