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Title page 1
Contents 3
Highlights 2
Letter 7
Background 10
How Employment and Unemployment Are Measured 10
Selected Sources of Retirement Income for Older Workers 11
Older Workers' Employment Rebounded in the Wake of the Pandemic, but Differences Between Demographic Groups Persisted 14
Unemployment Rates Spiked Higher for Older Workers than Prime-Age Workers Early in the Pandemic, and Some Older Workers Left the Labor Force 15
Differences in Labor Force Participation by Educational Attainment and Race and Ethnicity Generally Persisted During and After the Pandemic 22
After Initial Decline, Higher Rate of Workers Near Full Retirement Age Claimed Social Security, and Demographic Differences in Older Workers' Finances Persisted 28
During Early Pandemic, Retirement Claiming Rates Decreased Slightly for Most Older Workers, but After 6 Months, Claims Increased for Those Near Full Retirement Age 28
Estimated Percentage of Older Households with Retirement Accounts and Median Account Balances Held Steady Between 2019 and 2022 35
Differences in Asset Holdings Among Economic and Demographic Groups Persisted During and After the Pandemic 39
Experts Favored Options to Boost Older Workers' Employability but Cited Some Concerns 48
Options Generally Aimed at Boosting Older Workers' Employability Favored Most Often 49
Experts Identified Four Common Themes Across Policy Options 51
Agency Comments 54
Appendix I: Objectives, Scope, and Methodology 57
Appendix II: Detailed Information on the Estimated Number of Employed and Unemployed Individuals by Age Grouping 72
Appendix III: Survey of Consumer Finances Estimates of Retirement Savings, Assets Held, and Quarantine-Related Experiences 78
Appendix IV: Experts' Responses Regarding Policy Options to Enhance Older Workers' Employment Outcomes 90
Tables 3
Table 1. Policy Options to Improve Employment Outcomes for Older Workers Ranked as Highly or Moderately Effective by Selected Experts, and Selected Potential Limitations 50
Table 2. Partial List of Experts Who Responded to Our Older Workers' Written Questionnaire and Their Affiliated Organizations 67
Table 3. Estimated Number Employed, Number Unemployed, Unemployment Rate, Labor Force Participation Rate, and Associated Margins of Error, Ages 25 to 54,... 72
Table 4. Estimated Number Employed, Number Unemployed, Unemployment Rate, Labor Force Participation Rate, and Associated Margins of Error, Ages 55 to 64,... 73
Table 5. Estimated Number Employed, Number Unemployed, Unemployment Rate, Labor Force Participation Rate, and Associated Margins of Error, Aged 65 and Older,... 74
Table 6. Estimated Labor Force Participation Rate by Racial and Ethnic Group and Age Group, by Annual Quarter, 2017-2023 75
Table 7. Estimated Labor Force Participation Rate by Sex and Age Group, by Annual Quarter, 2017-2023 76
Table 8. Full List of Policy Options by Tally of Expert Rankings of Effectiveness 90
Figures 4
Figure 1. Estimated Unemployment Rates by Age Group, January 2017-September 2023 16
Figure 2. Labor Force Status of Workers Aged 55 and Older Who Lost Their Jobs in the Past 3 Years due to Layoffs or Plant Closures, as of January 2008,... 20
Figure 3. Labor Force Participation Rate of Workers Aged 55-64, by Educational Attainment, Quarterly 2017-2023 23
Figure 4. Industries of Workers Who Lost Their Jobs due to Plant Closures or Layoffs, by Time Period and Age Group 24
Figure 5. Estimated Labor Force Participation Rate, by Race and Ethnicity and Age Group, Second Annual Quarter of Selected Years 25
Figure 6. Estimated Labor Force Participation Rate, by Gender and Age Group, Second Annual Quarter of Selected Years 27
Figure 7. Percentage of Eligible Fully Insured Workers Claiming Social Security Benefits, by Age, Quarterly 2018-2023 29
Figure 8. Change in the Annual Claiming Rate for Social Security Retirement Benefits, by Age, Since 2019 31
Figure 9. Percentage of Eligible Workers Near Full Retirement Age Claiming Social Security Retirement Benefits and Distribution of Continued Claims... 33
Figure 10. Estimated Percentage of Older Households (Aged 55 and Older) with a Retirement Account by Income Quartile, 2019 and 2022 36
Figure 11. Estimated Median Retirement Account Balance of Older Households (Aged 55 and Older) by Income Quartile, 2019 and 2022 38
Figure 12. Estimated Median Total Value of Assets Held by Oldest Households (Aged 65 and Older) by Income Quartiles, 2019 and 2022 41
Figure 13. Estimated Median Total Value of Assets Held by Older Households (Aged 55-64) by Income Quartile, 2019 and 2022 42
Figure 14. Estimated Median Total Value of Assets Held by Age Group and Educational Attainment, 2019 and 2022 44
Figure 15. Estimated Median Total Value of Assets Held by Household by Age Group and Race and Ethnicity, 2022 46
Figure 16. Estimated Median Total Value of Assets Held by Households by Gender and Age Group, 2019 and 2022 48
Figure 17. Estimated Median Income of Older Households (55 and Older) with a Positive Retirement Account Balance, by Income Quartile, 2019 and 2022 78
Figure 18. Estimated Median Income of Older Households (Aged 55 and Older) Without a Positive Retirement Account Balance, by Income Quartile, 2019 and 2022 79
Figure 19. Estimated Percentage of Prime-Age Households (Aged 25-54) with a Positive Balance in Their Retirement Account, by Income Quartile, 2019 and 2022 80
Figure 20. Estimated Median Retirement Account Balance for Prime-Age Households (Aged 25-54), by Income Quartile, 2019 and 2022 81
Figure 21. Estimated Median Income of Prime-Age Households (Aged 25-54) with a Positive Retirement Account Balance, by Income Quartile, 2019 and 2022 82
Figure 22. Estimated Median Income of Prime-Age Households (Aged 25-54) Without a Positive Retirement Account Balance, by Income Quartile, 2019 and 2022 83
Figure 23. Estimated Median Income by Households by Age Group and Highest Level of Educational Attainment, 2019 and 2022 84
Figure 24. Estimated Median Total Value of Assets Held by Households by Occupation and Age Group, 2019 and 2022 85
Figure 25. Estimated Median Total Value of Assets Held by Households by Gender, Age, and Family Structure, 2019 and 2022 86
Figure 26. Oldest Households' (Aged 65 and Older) Pandemic Experiences with Employment, by Income Quartile, 2022 88
Figure 27. Older Households' (Aged 55-64) Pandemic Experiences with Employment, by Income Quartile, 2022 89
