Women may return to the workforce for a variety of reasons. However, the age group from 55 – 64 is increasing more rapidly than other segments of the population. According to the Bureau of Labor Statistics, women in this age group represented 51.9% of the work force in 2000. The forecast is this group participation will rise to 62.9% by 2024.
Over the past year, women age 55 and older increased 4.2% from the previous year. Women already represent 47% of workers over 55.
The projected rate of women workers over 65 will reach 18.4% in 2024 compared to 9.4% in 2000.
Some of the reasons cited include:
- Financial demands (personal expenses, helping support grandchildren, etc.)
- Increasing Social Security benefits
- Staying active and involved
- Reaching for professional goals
- Fulfilling dreams previously put on hold