The Suddenly Hot Job Market for Workers Over 50

The Bureau of Labor Statistics estimates that the unemployment rate for people 55 and over is only 3.2 percent as of February 2018, versus the current unemployment rate of 4.1 percent for the entire U.S. population and 14.4 percent for teenagers, reports CNBC . Whereas 20 years ago less than 33 percent of people 55 and over had jobs or were seeking employment, today the share is 40 percent, says the St. Louis Federal Reserve. Boston College's Matt Rutledge notes that many baby boomers are worried they do not have enough savings to retire at 65, and they also are better educated and tend to remain in the workforce longer because they usually enjoy their jobs. Tufts Health Plan's Lydia Greene stresses it is essential to support a climate attractive to older workers in a tight labor market. Her firm's 401(k) program features a 3 percent supplemental match annually on top of the standard 4 percent match for employees contributing 6 percent or more of their income. Individuals 50 and over comprise 34 percent of the company's workforce, and they are hired at all levels. "They're very stable and very reliable and help us develop and mentor our younger workers," Greene says. AARP Foundation Litigation's Laurie McCann notes although there are some "enlightened" companies that understand the value of experience, ageism remains rampant.