TITLE

Older Workers Jump or Are Pushed into Self-Employment

PUB. DATE
June 2004
SOURCE
Journal of Financial Planning;Jun2004, Vol. 17 Issue 6, p25
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
According to a study by the American Association of Retired Persons Public Policy Institute, workers age 50 and over are turning to self-employment whether the choose voluntarily or are pushed. While 10.2 percent of the overall workforce is self-employed, 16.4 percent of workers 50 and over are self-employed, with a third of them making that move after they turned 50. The study, conducted by the Rand Corp., examined Census Bureau data and the National Institute on Aging's Health and Retirement Study. The numbers grow even higher for those near full retirement--38 percent of working men at age 65 are self-employed, for example. Older workers generally turn to self-employment because of poor health, or because they have the wealth and education to try self-employment as a transition into full retirement. For example, 15 percent of the self-employed age 51 and older report a work-limiting health condition compared with 8 percent of salaried workers in the same age group. Other factors include marital status and pension and health insurance coverage. Nearly half of the older self-employed work part time and are likely to have significantly greater wealth than their wage-and-salary counterparts. A third of them are in an incorporated business, which the Bureau of Labor Statistics does not count as self-employment.
ACCESSION #
13473148

 

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