In 1992, one in 12 women worked past age 65. This year, that number is about one in seven. The U.S. Labor Department projects that number to grow to one in five by 1924.
At the Urban Institute it's called one of the most stunning developments in the labor market over the last 50 years. Since 2007, the share of older working women has grown while the percentage of every other category of U.S. workers (by gender and age) has declined or hasn't grown.
Many Americans continue working because they find their jobs rewarding, and many full-timers and part-timers enjoy the social aspects of their jobs more than staying home. Others work to pay off debt or increase their savings.
In the last recession, many older workers were forced out of their jobs, especially women, according to the Federal Reserve Bank of St. Louis.
Older men and women are leaving the workforce more slowly than in the past, suggesting a greater potential labor supply than unemployment figures typically imply. And older workers are better off financially, thanks to two-income households and real-estate equity.
But they also have more debt than in the past. Half of homeowners age 65 and older had a mortgage for about $88,000 in 2013, up from $43,000 in 2001. And many still have student loan debt for themselves or for a child's education.
Americans are more highly educated, but workforce participation among those 65 and older with a college education is roughly double those with less than high school.
For women age 55 to 64, the percentage is about the same for high school and college graduates, according to census data maintained by the University of Minnesota.
