More older Californians working longer

Contrary to rising unemployment among the general population, the employment rate for older Californians grew last year, according to a new report from the California Budget Project.

In 2008, 63 percent of Californians ages 54 to 64 — about 2.3 million people — were working, up from 62.1 percent in 2007.

In addition, 29.7 percent of Californians ages 65 to 69 — about 350,000 people — were working in 2008, up from 25.2 percent in 2007.

In contrast, the share of working Californians ages 25 to 54 declined to 76.7 percent in 2008 — about 12 million people — from 77.9 percent in 2007.

Increased employment rates for Californians in their late 50s and 60s reflect a number of factors, including improved health, longer life expectancy, a declining share of physically demanding jobs and an inability to afford retirement.

“The good news is that some Californians are choosing to work longer because they can,” Alissa Anderson, deputy director of the California Budget Project and author of the report, said in a news release. “The bad news is that for other Californians, working later in life is a necessity, reflecting the fact that they can’t afford to retire, at least not at the traditional retirement age.”

Source: Sacramento Business Journal