Aging Workforce, Definition(s) of

  • A (36)
  • B (19)
  • C (58)
  • D (26)
  • E (34)
  • F (43)
  • G (20)
  • H (19)
  • I (27)
  • J (11)
  • K (1)
  • L (16)
  • M (27)
  • N (18)
  • O (18)
  • P (33)
  • Q (5)
  • R (30)
  • S (59)
  • T (16)
  • U (4)
  • V (7)
  • W (39)

“By the end of 2002, the number of older workers in the labor force aged 55 to 64-employed or seeking work-increased to 62.9%, the highest level during the postwar era…According to the U.S. Bureau of Labor Statistics, more than 25% of the working population will reach retirement age by 2010, resulting in a potential worker shortage of nearly 10 million…Older workers continue to work and retirees return to work for financial reasons, socialization, and wanting to contribute/feel valued. However, with personal savings significantly lower than in the past, the most compelling reason to work for older Americans is economic.” (Lockwood)

“Baby boomers (born between 1946 and 1964) comprise 46 percent of the workforce and they are rapidly approaching retirement. The first wave of boomers will reach the traditional retirement age in...2011. Generation X (born between 1965 and 1983), are the workers that would naturally replace baby boomers, they account for only 29 percent of the workforce. The end result is that there are not going to be enough workers to meet labor force requirements. The population trends regarding Generation X are fairly certain. What is not certain at this time is whether the exodus of baby boomers will be swift or gradual. Recent studies of older workers by the American Association of Retirement Workers (AARP) indicate that many Americans are choosing to work beyond the traditional retirement age. For some, the reason is financial; they do not have sufficient savings to retire. For others, there is a desire to remain connected to their work, finding that it provides a sense of purpose and the opportunity to remain socially connected. In fact, according to a recent AARP study approximately two-thirds of baby boomers plan to continue to work during their “retirement” years...By 2012, the median age of the labor force is projected to be 41.4 years, exceeding the highest level ever recorded.” (Gornick)

Glossary Source: 

Lockwood, N.R. (2003). The aging workforce: The reality of the impact of older workers and eldercare in the workplace. HR Magazine, 48(12). Retrieved February 6, 2006.

Gornick, M.E. (n.d.) The aging workforce: A strategic approach to determining the impact on your organization. Retrieved February 6, 2006.