22% of Retirement-Age Americans Are Still Working, With New Jersey Seeing the Largest Increase in Older Adults in the Workforce
Significant growth in the 65-and-older population, changes in Social Security policies and a higher cost of living have led to a large share of older adults in the workforce.
Other factors, such as improved health, higher education levels and a flexible job landscape, have also kept older Americans working.
A LendingTree analysis of U.S. Census Bureau Household Pulse Survey data shows that 22.0% of American adults 65 and older continue to work, with nearly a quarter of them choosing self-employment. Our study reveals additional trends, including where the percentage of retirement-age adults in the workforce jumped the most.
Key findings
- The percentage of employed adults 65 and older decreased slightly from 22.5% in March 2022 to 22.0% in March 2024. Of those employed in this age group, almost 1 in 4 (24.2%) are self-employed — nearly three times higher than among working Americans 25 to 39 (8.1%). Meanwhile, half (50.5%) of the older working population is employed by private companies and 10.3% by the government.
- New Jersey saw the largest jump in older adults in the workforce. In March 2022, 20.3% of Americans 65 and older were employed in New Jersey. By March 2024, this figure had risen 66.5% to 33.8%. Delaware and Indiana followed with rises of 37.4% and 32.2%, respectively.
- Iowa experienced the highest decline in the percentage of adults 65 and older in the workforce. In March 2022, the percentage of older working adults was 27.1%, which dropped 36.5% to 17.2% in March 2024. West Virginia (34.3%) and Kansas (34.0%) saw the next biggest falls.
- Across all Americans, the share of U.S. adults who reported being retired decreased from 16.8% in March 2022 to 16.2% in March 2024. Overall, the retiree percentage declined in 30 states, led by New Jersey (23.0%), North Dakota (22.9%) and Connecticut (19.9%). However, Vermont, Alaska and Maine saw the biggest increases in the percentage of retirees, at 22.6%, 13.9% and 10.7%, respectively.
Percentage of retirement-age workers dips slightly between 2022 and 2024
The share of older adults in the workforce has declined slightly over the past two years. In March 2022, 22.5% of U.S. adults 65 and older were employed, compared with 22.0% in March 2024, a 2.2% decrease.
Despite the slight two-year decline, the percentage of working adults 65 and older has gradually increased over the past few decades. According to the Pew Research Center, only 11% of retirement-age adults were in the workforce in 1987, half of today’s rate.
The dip between 2022 and 2024 could be related to employment trends during and after the COVID-19 pandemic. Many older adults departed the workforce in what was coined the Great Retirement and rejoined it in what has been called the Great Unretirement. Employment fluctuations and shifts from historic trends continue postpandemic amid inflation and a rising cost of living.
Percentage of employed adults 65 and older
| Time frame | % of employed adults 65 and older |
|---|---|
| March 2022 | 22.5% |
| March 2024 | 22.0% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024.
The employment of older adults by sector varies from that of individuals in younger age groups. About half (50.5%) of employed adults 65 and older work for private companies, compared with 58.0% of workers in the age group directly behind them (55 to 64) and 66.5% of adults 18 to 24.
However, some states buck that trend with much more than half of retirement-age working adults employed by private companies — such as Kentucky (75.6%) and Ohio and Utah (both 60.6%).
Employment type by age group, 2024
| Age | Government | Private company | Nonprofit organization | Self-employed | Family business |
|---|---|---|---|---|---|
| 18 to 24 | 15.4% | 66.5% | 7.3% | 6.0% | 4.8% |
| 25 to 39 | 14.6% | 64.4% | 10.4% | 8.1% | 2.5% |
| 40 to 54 | 15.8% | 59.4% | 10.9% | 11.7% | 2.2% |
| 55 to 64 | 14.3% | 58.0% | 10.5% | 15.1% | 2.0% |
| 65 and above | 10.3% | 50.5% | 11.6% | 24.2% | 3.4% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 5 to April 1, 2024. Notes: Totals may not add to 100% due to rounding.
Only 10.3% of workers 65 and older hold government jobs, compared with 14.3% of workers 55 to 64 and 15.8% of workers 40 to 54. Notably, the overall share of retirement-age workers in government positions declined 10.0% from 2022 to 2024.
Hawaii has the highest share of older workers in government jobs (28.0%), followed by Mississippi (27.9%) and Vermont (24.6%).
Change in employment type by age group, 2022 to 2024
| Age | Government | Private company | Nonprofit organization | Self-employed | Family business |
|---|---|---|---|---|---|
| 18 to 24 | 37.6% | -6.3% | 14.2% | -2.1% | -9.9% |
| 25 to 39 | 4.2% | -0.5% | 2.7% | -10.1% | 17.9% |
| 40 to 54 | -0.7% | -2.2% | 12.8% | -2.1% | 23.9% |
| 55 to 64 | -0.7% | 1.6% | 1.3% | -3.1% | -18.9% |
| 65 and above | -10.0% | 0.8% | 12.6% | -3.1% | 6.7% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024.
Notably, a much greater share of older adults are self-employed than younger workers. The percentage of self-employed adults 65 and older (24.2%) is nearly triple the share of self-employed workers 25 to 39 (8.1%) and more than double that of workers 40 to 54 (11.7%).
Alaska has the highest percentage of self-employed retirement-age workers (52.0%), followed by Maine (43.8%) and Wyoming (38.9%).
Employment among older population booms in New Jersey
Several states showed a significant increase in their share of retirement-age adults in the workforce. New Jersey outpaced all other states with a 66.5% jump in working adults age 65 and older — from 20.3% in March 2022 to 33.8% in March 2024.
The increase of older working adults in the Garden State echoes its population trends. According to New Jersey’s Department of Labor and Workforce Development, the share of residents 65 and older is increasing while the share of adults 18 to 64 is decreasing. New Jersey’s 65-and-older population is projected to grow by 68.7% between 2012 and 2032, accounting for 21.8% of the state’s total population.
Neighboring state Delaware came in a distant second with a 37.4% increase in older working adults, from 19.8% in March 2022 to 27.2% in March 2024. Indiana had the third most significant increase (32.2%), from 17.4% in March 2022 to 23.0% in March 2024.
States with the biggest increases in retirement-age workers
| Rank | State | % of working older adults, 2022 | % of working older adults, 2024 | % change |
|---|---|---|---|---|
| 1 | New Jersey | 20.3% | 33.8% | 66.5% |
| 2 | Delaware | 19.8% | 27.2% | 37.4% |
| 3 | Indiana | 17.4% | 23.0% | 32.2% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Note: Older adults are 65 and older.
Besides population shifts, the surge in retirement-age workers in some states is also naturally financially driven. “These increases could be a concerning sign that more and more older Americans are finding themselves needing extra income in their so-called golden years,” says Matt Schulz, LendingTree chief credit analyst.
“Inflation could be taking a major toll on the assumptions that these people made about what they’d need to get by in retirement,” he adds.
Employment among older population dropped significantly in some states
Many states have shown a sizable decline in working adults 65 and older. Iowa had the highest drop (36.5%), from 27.1% in March 2022 to 17.2% in March 2024.
The Midwestern state has suffered a slower postpandemic employment recovery than the rest of the country. According to a report in the Quad-City Times, much of the workforce Iowa lost was among older workers with no apparent plans to rejoin the workforce, and attracting new residents has been a challenge for the state historically.
West Virginia showed the second-highest decline (34.3%), from 23.9% in March 2022 to 15.7% in March 2024. Kansas was close behind (34.0%), dropping from 28.2% in March 2022 to 18.6% in March 2024.
States with the biggest decreases in retirement-age workers
| Rank | State | % of working older adults, 2022 | % of working older adults, 2024 | % change |
|---|---|---|---|---|
| 1 | Iowa | 27.1% | 17.2% | -36.5% |
| 2 | West Virginia | 23.9% | 15.7% | -34.3% |
| 3 | Kansas | 28.2% | 18.6% | -34.0% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Note: Older adults are 65 and older.
Two states showed no shift in the percentage of retirement-age adults in the workforce. Colorado maintained its 27.3% share, while Vermont held onto its 27.9% share.
Full rankings
States with the biggest increases/decreases in retirement-age workers
| Rank | State | % of working older adults, 2022 | % of working older adults, 2024 | % change |
|---|---|---|---|---|
| 1 | New Jersey | 20.3% | 33.8% | 66.5% |
| 2 | Delaware | 19.8% | 27.2% | 37.4% |
| 3 | Indiana | 17.4% | 23.0% | 32.2% |
| 4 | Montana | 18.9% | 24.2% | 28.0% |
| 5 | Connecticut | 24.2% | 30.3% | 25.2% |
| 6 | Nevada | 20.9% | 25.7% | 23.0% |
| 7 | Maryland | 25.4% | 31.2% | 22.8% |
| 7 | Arkansas | 20.2% | 24.8% | 22.8% |
| 9 | North Dakota | 27.3% | 32.3% | 18.3% |
| 10 | Louisiana | 19.2% | 22.5% | 17.2% |
| 11 | Utah | 23.1% | 26.4% | 14.3% |
| 12 | California | 22.3% | 25.2% | 13.0% |
| 13 | North Carolina | 18.3% | 20.6% | 12.6% |
| 14 | Arizona | 18.4% | 20.4% | 10.9% |
| 15 | Texas | 22.4% | 23.9% | 6.7% |
| 16 | New York | 28.2% | 29.3% | 3.9% |
| 17 | Hawaii | 27.3% | 28.3% | 3.7% |
| 18 | Rhode Island | 24.9% | 25.6% | 2.8% |
| 19 | Georgia | 23.0% | 23.6% | 2.6% |
| 20 | Washington | 21.9% | 22.4% | 2.3% |
| 21 | South Carolina | 18.2% | 18.6% | 2.2% |
| 22 | Colorado | 27.3% | 27.3% | 0.0% |
| 22 | Vermont | 27.9% | 27.9% | 0.0% |
| 24 | Illinois | 22.4% | 22.0% | -1.8% |
| 25 | Wisconsin | 20.8% | 20.2% | -2.9% |
| 26 | Tennessee | 20.2% | 19.6% | -3.0% |
| 27 | Wyoming | 24.0% | 22.8% | -5.0% |
| 28 | New Mexico | 23.9% | 22.5% | -5.9% |
| 29 | Mississippi | 20.8% | 19.1% | -8.2% |
| 30 | Alabama | 22.4% | 20.5% | -8.5% |
| 30 | Oregon | 23.5% | 21.5% | -8.5% |
| 32 | Massachusetts | 27.0% | 24.0% | -11.1% |
| 33 | Pennsylvania | 27.7% | 24.6% | -11.2% |
| 34 | Nebraska | 28.9% | 25.6% | -11.4% |
| 35 | Idaho | 25.2% | 22.0% | -12.7% |
| 36 | South Dakota | 27.3% | 23.8% | -12.8% |
| 37 | Minnesota | 27.0% | 23.4% | -13.3% |
| 38 | Ohio | 24.7% | 21.1% | -14.6% |
| 39 | Alaska | 29.3% | 24.9% | -15.0% |
| 40 | Florida | 21.7% | 18.3% | -15.7% |
| 41 | New Hampshire | 36.8% | 30.9% | -16.0% |
| 42 | Virginia | 28.4% | 23.4% | -17.6% |
| 43 | Oklahoma | 26.5% | 20.8% | -21.5% |
| 44 | Missouri | 20.3% | 15.8% | -22.2% |
| 45 | Maine | 29.9% | 22.8% | -23.7% |
| 46 | Michigan | 23.0% | 17.0% | -26.1% |
| 47 | Kentucky | 25.4% | 18.5% | -27.2% |
| 48 | District of Columbia | 26.4% | 17.8% | -32.6% |
| 49 | Kansas | 28.2% | 18.6% | -34.0% |
| 50 | West Virginia | 23.9% | 15.7% | -34.3% |
| 51 | Iowa | 27.1% | 17.2% | -36.5% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Note: Older adults are 65 and older.
Percentage of retired Americans falls between 2022 and 2024
The share of retired U.S. individuals (18 and older, not just 65 and older) declined 3.6% from 16.8% in March 2022 to 16.2% in March 2024.
Many states had much more significant declines. In line with its increase in retirement-age workers, New Jersey had a 23.0% decline in retired adults from 16.6% in March 2022 to 12.8% in March 2024. Directly behind New Jersey is North Dakota, with a 22.9% drop. Connecticut had the third-largest decline (19.9%).
Where the share of retired adults decreased the most
| Rank | State | % of retired adults, 2022 | % of retired adults, 2024 | % change |
|---|---|---|---|---|
| 1 | New Jersey | 16.6% | 12.8% | -23.0% |
| 2 | North Dakota | 16.6% | 12.8% | -22.9% |
| 3 | Connecticut | 18.3% | 14.6% | -19.9% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Notes: Adults are 18 or older. While we rounded for display, calculations were made with unrounded figures.
“Some people are going back to work because they want to,” says Schulz, author of “Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.” “Maybe they’re bored, lonely, seeking purpose or looking for a little extra income.
“Others are going back because they have to,” he adds. “Inflation is driving costs through the roof. People haven’t saved enough to be comfortable with retiring, and their debts are too high.” For these reasons, Schulz says it’s no surprise fewer adults are retiring.
The retired percentage grew in some states
On the other end of the spectrum, several states had a significant increase in their retired percentage. Vermont, which already exceeded the national rate of retired adults (16.2%), went from 18.0% in March 2022 to 22.1% in March 2024 — a 22.6% increase.
Vermont has the fourth-oldest population in the country, according to the state’s Department of Health, naturally skewing its retirement rate. About 1 in 4 residents in the New England state are 60 or older; by 2030, the share is expected to increase to 1 in 3. Vermont has taken steps to become a more age-friendly state with initiatives like Age Strong VT, which promotes strategies for aging well.
Alaska had the second-largest increase of retired adults (13.9%), going from 13.4% to 15.3%, although the share is still below the national rate (16.2%). Maine had the third-largest increase, a 10.7% jump from 18.3% to 20.3%.
Where the share of retired adults increased the most
| Rank | State | % of retired adults, 2022 | % of retired adults, 2024 | % change |
|---|---|---|---|---|
| 1 | Vermont | 18.0% | 22.1% | 22.6% |
| 2 | Alaska | 13.4% | 15.3% | 13.9% |
| 3 | Maine | 18.3% | 20.3% | 10.7% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Notes: Adults are 18 or older. While we rounded for display, calculations were made with unrounded figures.
Across the country, the retiree percentage declined in 30 states (including the District of Columbia) and increased in 21. (Michigan is included among these 21 despite not showing a change because of rounding.)
Full rankings
Where the share of retired adults decreased/increased the most
| Rank | State | % of retired adults, 2022 | % of retired adults, 2024 | % change |
|---|---|---|---|---|
| 1 | New Jersey | 16.6% | 12.8% | -23.0% |
| 2 | North Dakota | 16.6% | 12.8% | -22.9% |
| 3 | Connecticut | 18.3% | 14.6% | -19.9% |
| 4 | Montana | 22.9% | 19.0% | -16.8% |
| 5 | Louisiana | 18.7% | 15.8% | -15.5% |
| 6 | Delaware | 23.3% | 19.7% | -15.4% |
| 7 | Utah | 13.8% | 11.9% | -13.8% |
| 8 | Georgia | 15.4% | 13.5% | -11.8% |
| 9 | Oregon | 20.0% | 17.7% | -11.4% |
| 10 | Indiana | 18.7% | 16.6% | -11.2% |
| 11 | Florida | 21.9% | 19.5% | -11.0% |
| 12 | District of Columbia | 11.0% | 9.8% | -10.8% |
| 13 | Wyoming | 19.5% | 17.4% | -10.7% |
| 14 | South Carolina | 21.2% | 19.2% | -9.6% |
| 15 | Rhode Island | 17.4% | 15.7% | -9.5% |
| 16 | Nevada | 17.3% | 15.9% | -8.0% |
| 17 | Arizona | 19.6% | 18.3% | -6.5% |
| 18 | Washington | 16.5% | 15.6% | -5.7% |
| 19 | New York | 14.9% | 14.1% | -5.1% |
| 20 | Maryland | 15.4% | 14.8% | -3.5% |
| 21 | Arkansas | 17.0% | 16.5% | -3.1% |
| 22 | North Carolina | 17.4% | 16.9% | -3.0% |
| 23 | Alabama | 18.0% | 17.7% | -2.2% |
| 24 | Texas | 12.8% | 12.6% | -1.8% |
| 25 | Hawaii | 18.7% | 18.4% | -1.6% |
| 26 | California | 14.5% | 14.3% | -1.4% |
| 27 | Tennessee | 17.6% | 17.4% | -1.3% |
| 28 | Illinois | 16.2% | 16.1% | -0.8% |
| 29 | Mississippi | 16.7% | 16.6% | -0.5% |
| 30 | Pennsylvania | 18.1% | 18.0% | -0.3% |
| 31 | Michigan | 19.2% | 19.2% | 0.1% |
| 32 | Nebraska | 16.0% | 16.1% | 0.2% |
| 33 | Missouri | 18.1% | 18.2% | 0.7% |
| 34 | Wisconsin | 19.3% | 19.5% | 0.8% |
| 34 | Oklahoma | 15.5% | 15.7% | 0.8% |
| 36 | Colorado | 14.1% | 14.3% | 1.1% |
| 37 | Kentucky | 18.0% | 18.4% | 2.1% |
| 38 | New Mexico | 19.3% | 19.8% | 2.7% |
| 39 | Iowa | 18.5% | 19.0% | 2.9% |
| 40 | Minnesota | 17.0% | 17.5% | 3.2% |
| 41 | Virginia | 15.5% | 16.1% | 3.5% |
| 42 | South Dakota | 17.3% | 18.1% | 4.2% |
| 43 | Idaho | 17.6% | 18.7% | 6.0% |
| 44 | Massachusetts | 15.2% | 16.2% | 7.0% |
| 45 | Kansas | 16.2% | 17.5% | 7.6% |
| 46 | Ohio | 18.1% | 19.7% | 8.9% |
| 47 | West Virginia | 20.3% | 22.2% | 9.8% |
| 48 | New Hampshire | 14.9% | 16.4% | 10.2% |
| 49 | Maine | 18.3% | 20.3% | 10.7% |
| 50 | Alaska | 13.4% | 15.3% | 13.9% |
| 51 | Vermont | 18.0% | 22.1% | 22.6% |
Source: LendingTree analysis of U.S. Census Bureau Household Pulse Survey data from March 2 to 14, 2022, and March 5 to April 1, 2024. Notes: Adults are 18 or older. Michigan is showing a decline because unrounded figures were used to calculate percentage changes.
Ready to retire? 5 expert tips
While retirement may look different for everyone, experts suggest several best practices to ensure you achieve the retirement you envision.
- Define your retirement. According to the U.S. Department of Labor, the average American spends roughly 20 years in retirement, so deciding how to spend those years is crucial. Consider whether you need or want to work part time, relocate, care for grandchildren, volunteer, travel or pick up new hobbies. Having a realistic idea of your retirement lifestyle will help you prepare for it.
- Estimate your retirement expenses. “Think through what your expenses are likely to be when you retire and consider what you can do to lower them if need be,” Schulz says. Be sure to include future medical costs. Experts suggest you will need 70% to 90% of your preretirement income to maintain your standard of living after leaving the workforce.
- Maximize retirement accounts and catch-up contributions. Leverage available retirement plans by making the maximum contributions your plans and budget allow. Take advantage of 401(k) employer matches by making the qualifying contributions, and consider making catch-up contributions if you’re 50 or older.
- Reduce your debt. Schulz recommends eliminating debt if possible. For example, making extra principal payments on your mortgage before retirement and paying cash for large expenses will limit the amount of retirement income and savings that will go toward interest payments.
- Focus on a holistic retirement. “A happy retirement isn’t all about money,” Schulz says. Finding activities and goals that give you a sense of purpose can be incredibly important; surrounding yourself with a support system of friends and family can also make a big difference. “Perhaps most importantly, focus on your health because everything else in your world gets much more difficult and complicated if you don’t have that,” he adds.
Methodology
LendingTree researchers analyzed data from the U.S. Census Bureau Household Pulse Survey. Specifically, we looked at survey data from Phase 3.4, Week 43 — fielded from March 2 to March 14, 2022 — and Phase 4.0, Cycle 3 – fielded from March 5 to April 1, 2024.
The survey asked respondents whether they were employed in the past seven days. We estimated the percentage of adults 65 and older employed in each U.S. state in both periods. We then ranked the states with the biggest changes by percentage.
Researchers also analyzed retirement data nationally and by state. Because this data isn’t available by age, it looks at adults 18 and older.