The Center for American Progress (CAP) has released a factsheet that shows the surge in the labor market participation among older women is nearing record highs.

“To keep our economy strong, we cannot afford to take older women and their economic contributions to our economy for granted,” said Sara Estep, CAP associate director of the Women's Initiative project and co-author of the factsheet. “Supporting their needs will set up our economy for success now and in the future.” 

The CAP analysis shows that more that 10% of the U.S. workforce are women who are 55 or above," she added. "This strengthens their economic security and reduces the risk of poverty and material hardships. The surge also shows the positive retirement savings and Social Security benefits for older women. It shows the importance of their contribution to the nation’s workforce as a whole."

There are five key facts listed in the report that show the strides older women have made in the current labor market.

The factsheet shows that over the past 20 years, older women have been a substantial and growing share of the labor force. The have helped their economic security and are at less risk of poverty. 

At first, the COVID-19 pandemic affected the labor market engagement of older women, but the report credits policies, implemented by the Biden administration, for facilitating recovery. The American Rescue Plan Act was a major element in the rebound, as it expanded unemployment insurance benefits and granted access to the earned income tax credit for workers 65 and older without children. 

Projections show that there will be a growth trend between 2020 and 2030 of as much as 60% of the workforce, which more than doubles the projected job growth for older men.

“Older women’s booming participation in today’s labor market strengthens their economic security,” said Beth Almeida, senior fellow for the Women’s Initiative and co-author of the factsheet. 

“As the labor market continues to grow and depend on older women," she added, "it’s crucial that policymakers prioritize the needs of older women and the obstacles they face from caregiving to health concerns to ensure older women can stay in the labor market until they are ready to make the decision themselves to retire.”