Tuesday, July 11, 2017

The Wave of Retirements in Oregon

For quite some time, the workforce within the State of Oregon has seen an upward trend in the age of workers. This could be attributed to many factors, but the number of baby boomers at or nearing retirement age is the main underlying reason for this demographic shift.

For the last 25 years, the share of the labor force aged 45 and older has increased, with the greatest relative increases occurring among the older age groups. Those within the labor force aged 45 to 54 years old have increased their share of the workforce by 3.2 percentage points since 1992, workers aged 55 to 64 have more than doubled their share of the workforce, and those aged 65 and over have nearly tripled their share. Workers 45 and over comprise 44.6 percent of the workforce today compared with 28.3 percent of the workforce in 1992.

Many workers pushed off retirement due to the Great Recession, which could very well be the reason we’re seeing more workers aged 65 and over remaining in the workforce. However, older workers will eventually retire and many employers will find themselves saying goodbye to more than just an employee.

Sectors that have the largest employment of workers 55 and over are educational and health services (both private and public) and professional and business services (private and public). In fact, one out of every four workers employed within the educational and health services industries is age 55 and over – arguably within 10 years of retirement. One out of every five workers employed within the professional and business services sector is age 55 and over.

Learn more about industries and occupations with a high concentration of older workers in "The Wave of Retirements and the Openings to be Filled" written by Workforce Analyst Kale Donnelly

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