More Older Women Are Returning to Work, Rebuilding Savings and a Professional Identity

Many older women are returning to work to help their families rebuild their finances after the Great Recession, or as a result of divorce, or out of a need for self-fulfillment, reports USA Today . However, experts note many females older than 50 face major challenges, including rusty skills, a lack of confidence, employer discrimination, and new technologies and social media. The U.S. Labor Department says the number of working women over 55 has climbed 4.2 percent over the past year to 17.4 million, versus a 1.8 percent gain in employment for all women and a 3.3 percent boost for men over 55. The percentage of 55-plus women who are working also has risen more sharply than the other groups over the past year, from 33.5 percent to an all-time high of 34.3 percent. Moody's Analytics' Sophia Koropeckyj partly attributes this trend to the large baby boomer population, with 31 percent of female boomers possessing bachelor's degrees, compared with 24 percent of women of older generations. This allows boomers to work longer in less physically stressful jobs. The AARP Public Policy Institute's Jen Schramm adds that women are living longer and have to fund longer retirements. A recent AARP poll determined almost half of people 65 and over currently working or seeking employment are doing so for financial reasons.