Seniors in New Orleans are staying on the job

Don Ames
June 15, 2018 - 9:33 am
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New Orleans has one of the country's highest rates of seniors still in the workforce.

And, the percentage has been on the rise.

The personal finance company, SmartAsset, studied data from the Bureau of Labor Statistics to determine the percentage of New Orleanians aged 65 and over who are still on the job. 

"The labor force participation rate in New Orleans went up quite a bit from 2012 to 2016," says AJ Smith, SmartAsset's Vice-President of Financial Education.

The trend of seniors in the city staying in the labor force began in 2012, but their participation in the workforce has grown as the years rolled along. 

"The increase has been enough to make New Orleans come in at number 6 in our study," says Smith.

"We saw a difference of about 2.8 percent. In 2012, 16.6 percent of seniors were participating in the labor force, and by 2016 that number had risen to 19.4 percent."

The average labor force participation rate for seniors across the 100 cities analyzed is 17.7%.

The statistics don't indicate whether the seniors are choosing to stay on the job or can't afford to retire. 

"It could, perhaps, be that people are choosing to stay in the workforce longer, that they want to continue to have a job. But, it could also be that people are not financially prepared for retirement."

It could even be an indicator that New Orleans doesn't discriminate against older workers or they can't afford to retire. 

"That's a big, big question that people have," Smith says. "If you are not prepared for retirement and you have to stay in the labor force, will you be able to? Will that even be a choice that you'll have?" 

Across America, seniors are putting off retirement and staying in the workforce longer. According to Bureau of Labor Statistics data, the cities with higher rates of senior workers than New Orleans are Minneapolis, Yonkers, Akron, Seattle and St. Paul.

For more information on the SmartAsset report, please click on the following:
https://smartasset.com/retirement/where-seniors-are-staying-in-the-workf...

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