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New Jersey has the highest percentage of people working past retirement age in the United States, according to a recent study. The U.S. Census Bureau data reveals that 22% of Americans aged 65 and older are still employed, while in New Jersey, this figure rises to nearly 34%.
The study, conducted by financial website LendingTree, analyzed data from March 2022 to April 2024. It found that changes to Social Security, a rising cost of living, and population growth are forcing many Americans to postpone retirement, especially in New Jersey.
"These increases could be a concerning sign that more and more older Americans are finding themselves needing extra income in their so-called golden years,” said Matt Schulz, chief credit analyst at LendingTree. Other factors such as improved health, higher education levels, and a flexible job landscape have also kept older Americans working.
The percentage of U.S. adults who reported being retired decreased from 16.8% in March 2022 to 16.2% in March 2024. Overall, the retiree percentage declined in 30 states, led by New Jersey (23%), North Dakota (22.9%), and Connecticut (19.9%).
In New Jersey, some industries are expected to be impacted by these shifts more than others. According to labor market information compiled by the New Jersey Department of Labor (NJDOL), the number of healthcare workers who are 65 and older tripled from 2000 to 2020. Over the same span, the share of the sector’s workforce who are 55 and over increased from roughly 15% to more than 20%.