Rise in Labor Force Participation Among Older Americans Since the Mid-1990s

After declining from 18% in the 1960s to 12% by the mid-1990s due to the entry of baby boomers into younger age groups, the share of U.S. workers aged 55 and over has rebounded significantly. By 2024, this group accounts for 23% of the total workforce. The number of workers aged 55+ surged from approximately 15 million during the 1970s through the mid-1990s to 38 million by Q3 2024, reflecting a major shift in workforce demographics.