The share of Americans who report being retired has fallen the past two years, and some states have seen a sharp surge in their percentages of older workers over the same time period.
A recent analysis of U.S. Census Bureau data by LendingTree found the percentage of adults 65 and over still working decreased slightly from 22.5% in March 2022 to 22% in March 2024. At the same time, the share of adults who reported they were retired fell from 16.8% to 16.2%.
The study said that significant growth in the 65-plus population, changes in Social Security policies and a higher cost-of-living have all contributed to a large share of older adults remaining in the workforce and noted for comparison that Pew Research Center data shows the number of retirement-age folks in the workforce was only 11% in 1987.
LendingTree pointed to states that have seen the largest increases in older workers over the past two years.
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1. New Jersey
New Jersey topped the list with the largest increase in retirement-age workers with a staggering 66.5% jump. The percentage of 65-plus workers in the Garden State jumped from 20.3% to 33.8% from March 2022 to the same month this year.
2. Delaware
Delaware saw the second-highest surge in older workers, going from 19.8% two years ago to 27.2%, a 37.4% increase.
3. Indiana
Coming in at No. 3, the state of Indiana saw its 65-plus workforce climb from 17.4% to 23% over the past few years.
4. Montana
Montana’s share of older workers went from 18.9% to 24.2%, landing it fourth in the rankings.
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5. Connecticut
Connecticut rounded out the top five, with its 65-plus workforce climbing from 24.2% to 30.3%.
LendingTree’s study also showed which states have seen their share of older workers decline the most.
West Virginia saw the greatest decline in its 65-plus workforce, which plummeted from 23.9% to 15.7% over the two-year period.
The other states that saw the most drastic declines in the share of older workers, in order, were Kansas, Washington, D.C., Kentucky and Michigan.
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