Housing costs have continued to rise, making a leisurely retirement harder for many Americans. Older adults are increasingly staying in the workforce beyond traditional retirement age. Analysis of Census Bureau American Community Survey data shows the share of people ages 65 and older still working has increased in nearly every state since 2014. In Michigan, 16.3% of seniors were employed in 2024, up from 12.89% in 2014. The change represents a 3.41-point increase over ten years. The rise is larger than in nearby states such as Wisconsin, Indiana, and Ohio. The increase in senior employment coincides with growth in Michigan’s senior population from 1,531,067 in 2014 to 1,987,859 in 2024.
"The dream of a leisurely retirement is becoming increasingly elusive for many Americans, particularly as housing costs continue their upward climb. This growing financial pressure is forcing a significant number of older adults to remain in the workforce well past traditional retirement age."
"According to an analysis of Census Bureau American Community Survey data by Realtor.com®, the share of seniors ages 65 and older still in the workforce has grown in nearly every State since 2014. This shift indicates a broader movement where the golden years are increasingly defined by labor rather than leisure."
"In Michigan, 16.3% of seniors aged 65 and older were still actively employed in 2024. This trend highlights the dual pressure of rising maintenance and tax costs on older homeowners and a locked-up housing inventory that drives up prices for everyone else."
"In 2014, Michigan's senior employment rate stood at 12.89%, but by 2024, that figure climbed to 16.3%, representing a 10-year change of 3.41 points. Michigan's 3.41-point jump stands out for its intensity when compared to surrounding Midwest neighbors."
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