Workers Over 60 Make More Than Younger Colleagues - Spokane, North Idaho News & Weather KHQ.com

Workers Over 60 Make More Than Younger Colleagues

NBCNEWS.COM - People who are still working when they are near or past traditional retirement age are now earning significantly more per hour, on average, than workers who are in their prime working years, according to a new analysis of government data.

That's a major shift from the 1980s and 1990s, according to the Brookings Institution analysis.

Experts say that's partly because people who keep working past age 60 tend to be better educated, in better health and – most likely – in jobs that are going well. But it's also partly because prime-age workers have had such a tough time of it since the nation went into recession in 2007.

"They all look like they're doing pretty well because the younger people are doing relatively more poorly," said Gary Burtless, a labor economist with the Brookings Institution and the author of the analysis.

The report, which was funded by the Social Security Administration, found that 60- to 74-year-old men who were still working earned $25.12 an hour, on average, in 2011. That's more than 20 percent more than the average hourly wage of working men ages 25 to 59, which was $20.55 an hour in 2011.

Working women ages 60 to 74 earned an average of $18.51 an hour in 2011, nearly 10 percent more than the average hourly wage of $16.87 per hour for 25- to 59-year-old women.

The big disparity is a change from years past. In the 1980s and 1990s, the average older men's hourly wages were about the same as younger workers' wages, and older women were earning a bit less per hour, on average, than younger women.

Then, between 2007 and 2010, older workers' average hourly wages saw a significant bump, while the young workers' average hourly wages largely stagnated, according to the Brookings analysis.

The average wages for both groups fell in 2011, the most recent year for which data was available. All of the figures are in constant 2010 dollars.

The younger workers' annual wages were slightly higher, overall, than the older workers, which Burtless said is because younger workers tend to work more hours.

Of course, there is a significant pool of older people who aren't working but could really use the paycheck and may be falling short financially. Some may have lost a job and had trouble finding a new one, while others were forced to stop working because of ill health.

The percentage of Americans working past age 65 has been creeping up, but experts say that those who do keep working are generally still better off.

"On average, the case seems to be that the people who are continuing to work are in better health, they have better schooling (and) they have an employer who values their contributions. They're the most robust and better trained people," Burtless said. "It's not the people who are desperate to top up their Social Security check."

Ronald Lee, a professor of demography and economics at UC Berkeley, said another factor is that today's older workers are likely to be more highly educated than the older workers of 30 years ago. That means they can likely command a higher paycheck then the older workers in the 1980s and 1990s could.

He said the fact that prime-age workers are earning less in comparison to their parents and grandparents does raise concerns. People who take longer to get into career-track positions, or who start out earning very low wages, may never make up that lost financial ground.

"There's a lifetime hit that those generations take," Lee said.

  • Most Popular StoriesMost Popular StoriesMore>>

  • 2 stabbed to death, 1 injured on Portland train by man hurling racial slurs

    2 stabbed to death, 1 injured on Portland train by man hurling racial slurs

    Saturday, May 27 2017 11:29 AM EDT2017-05-27 15:29:58 GMT

    PORTLAND, Ore. (AP) - Police in Oregon say two people died and another was hurt in a stabbing on a Portland light-rail train after a man yelled racial slurs at two young Muslim women. The Oregonian/OregonLive reports officers arrested a man Friday afternoon who ran from the train.  Portland police Sgt. Pete Simpson says the assailant on the train was ranting on many topics, using "hate speech or biased language," and turned his focus on the women.

    >>

    PORTLAND, Ore. (AP) - Police in Oregon say two people died and another was hurt in a stabbing on a Portland light-rail train after a man yelled racial slurs at two young Muslim women. The Oregonian/OregonLive reports officers arrested a man Friday afternoon who ran from the train.  Portland police Sgt. Pete Simpson says the assailant on the train was ranting on many topics, using "hate speech or biased language," and turned his focus on the women.

    >>
  • Post Falls Officer pulls over little girl in power wheels Jeep

    Post Falls Officer pulls over little girl in power wheels Jeep

    Friday, May 26 2017 10:03 PM EDT2017-05-27 02:03:49 GMT

    POST FALLS, Idaho - Hometown Heroes. Every week, we highlight someone who works in public safety for all the good work they do. Tonight is a bit of a change from the typical Hometown Hero. It's the story of a little girl who suddenly became public enemy number one. Pat Eismann was patrolling the area in Post Falls when he noticed something a bit out of the ordinary. "I saw a little girl driving a power wheels jeep down the street," Officer Eismann said....

    >>

    POST FALLS, Idaho - Hometown Heroes. Every week, we highlight someone who works in public safety for all the good work they do. Tonight is a bit of a change from the typical Hometown Hero. It's the story of a little girl who suddenly became public enemy number one. Pat Eismann was patrolling the area in Post Falls when he noticed something a bit out of the ordinary. "I saw a little girl driving a power wheels jeep down the street," Officer Eismann said....

    >>
  • $10,000 bill for getting car stuck in newly poured concrete

    $10,000 bill for getting car stuck in newly poured concrete

    Saturday, May 27 2017 1:02 AM EDT2017-05-27 05:02:32 GMT
    (Mike Palm, The City of Lincoln Public Works and Utilities Department via AP)(Mike Palm, The City of Lincoln Public Works and Utilities Department via AP)

    LINCOLN, Neb,. (AP) - A driver could be facing a $10,000 bill after he plowed into newly poured concrete in Lincoln, Nebraska, and became stuck.      The accident occurred Wednesday on a portion of a road repair project in the state capital. Police spokeswoman Angela Sands said Friday that police won't cite the driver, 19-year-old Shadrach Yasiah. A police incident report says it wasn't obvious that the concrete wasn't dry and that Yasiah 

    >>

    LINCOLN, Neb,. (AP) - A driver could be facing a $10,000 bill after he plowed into newly poured concrete in Lincoln, Nebraska, and became stuck.      The accident occurred Wednesday on a portion of a road repair project in the state capital. Police spokeswoman Angela Sands said Friday that police won't cite the driver, 19-year-old Shadrach Yasiah. A police incident report says it wasn't obvious that the concrete wasn't dry and that Yasiah 

    >>
HD DOPPLER 6i
/
  • National NewsMore>>

  • Mad Minute stories from Friday, May 26th

    Mad Minute stories from Friday, May 26th

    Friday, May 26 2017 5:02 PM EDT2017-05-26 21:02:47 GMT

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Friday, May 26th.

    >>

    Here are the extended versions of the KHQ Local News 11 at 11 Mad Minute stories from Friday, May 26th.

    >>
  • $10,000 bill for getting car stuck in newly poured concrete

    $10,000 bill for getting car stuck in newly poured concrete

    Saturday, May 27 2017 1:02 AM EDT2017-05-27 05:02:32 GMT
    (Mike Palm, The City of Lincoln Public Works and Utilities Department via AP)(Mike Palm, The City of Lincoln Public Works and Utilities Department via AP)

    LINCOLN, Neb,. (AP) - A driver could be facing a $10,000 bill after he plowed into newly poured concrete in Lincoln, Nebraska, and became stuck.      The accident occurred Wednesday on a portion of a road repair project in the state capital. Police spokeswoman Angela Sands said Friday that police won't cite the driver, 19-year-old Shadrach Yasiah. A police incident report says it wasn't obvious that the concrete wasn't dry and that Yasiah 

    >>

    LINCOLN, Neb,. (AP) - A driver could be facing a $10,000 bill after he plowed into newly poured concrete in Lincoln, Nebraska, and became stuck.      The accident occurred Wednesday on a portion of a road repair project in the state capital. Police spokeswoman Angela Sands said Friday that police won't cite the driver, 19-year-old Shadrach Yasiah. A police incident report says it wasn't obvious that the concrete wasn't dry and that Yasiah 

    >>
  • Russian bankers sue BuzzFeed over unverified Trump dossier

    Russian bankers sue BuzzFeed over unverified Trump dossier

    Friday, May 26 2017 9:02 PM EDT2017-05-27 01:02:03 GMT

    NEW YORK (AP) - The owners of a Russian bank are suing BuzzFeed for publishing an uncorroborated dossier that alleged they were part of a Russian scheme to influence the 2016 U.S. presidential election. Mikhail Fridman, Petr Aven and German Khan of Alfa Bank filed the defamation lawsuit Friday in Manhattan. They are seeking unspecified damages from BuzzFeed, editor-in-chief Ben Smith, reporter Ken Bensinger and editors Miriam Elder and Mark Schoofs. The ...

    >>

    NEW YORK (AP) - The owners of a Russian bank are suing BuzzFeed for publishing an uncorroborated dossier that alleged they were part of a Russian scheme to influence the 2016 U.S. presidential election. Mikhail Fridman, Petr Aven and German Khan of Alfa Bank filed the defamation lawsuit Friday in Manhattan. They are seeking unspecified damages from BuzzFeed, editor-in-chief Ben Smith, reporter Ken Bensinger and editors Miriam Elder and Mark Schoofs. The ...

    >>