Earnings for older workers rose 80% over past 21 years

Those who are at least 65 years old and employed not only make more money on average, but also the amount of money they make is rising at a faster rate than any other age group, according to the U.S. Census Bureau.

By 2030, one in five residents will be older than 65, according to the Census Bureau. The percentage of those employed who are at least 65 rose to 18% in 2015, from 12% in the mid-1990s, according to the Bureau of Labor Statistics.

“Inflation-adjusted average monthly earnings of persons aged 65 and older were $4,092 in 2015, which is substantially higher than the $2,276 statistic in 1994,” said James Spletzer, principal economist at the Center for Economic Studies. Earnings for this age group has risen 80%, between 1994 and 2015.

Over the same period, average monthly earnings rose by the following amounts per age group:

• 17% to $1,676 for workers aged 14-24
• 20% to $3,649 for workers aged 25-34
• 32% to $5,193 for workers aged 35-44
• 32% to $5,753 for workers aged 45-54
• 41% to $5,557 for workers aged 55-64

“It’s also interesting to look at the past 15 years and see how older workers’ average earnings have grown relative to other age groups,” Spletzer said. “All age groups experienced an 18% to 22% growth during the 1994 to 2000 time period. But after 2000, this was not the case.”

Between 2000 and 2015, average earnings for workers aged 14-24 and 25-34 fell, while average earnings for workers aged 35-44 increased by 8.4%. Over the same period, earnings for workers aged 45-54 and 55-64 increased 11.5% and 16.6%, respectively. Earnings for workers who are at least 65 years old rose 47.6%, over the same period.