New York SBDC Research Network

From the Bureau of Labor Statistics : You enter the labor force, you work until a certain age, and you retire. Or maybe you don’t. More and more people are working into their later years, a trend that is expected to continue. According to the U.S. Bureau of Labor Statistics (BLS), about 40 percent of people ages 55 and older were working or actively looking for work in 2014. That number, known as a labor force participation rate, is expected to increase fastest for the oldest segments of the population—most notably, people ages 65 to 74 and 75 and older—through 2024. In contrast, participation rates for most other age groups in the labor force aren’t projected to change much over the 2014–24 decade. BLS data reveal how the age makeup of the U.S. labor force is changing. From 1970 until the end of the 20th century, older workers—which BLS defines as those ages 55 and older—made up the smallest segment of the labor force. In the 1990s, however, these older workers began to increase ...

The U.S. Small Business Administration and AARP are renewing their “Summer of Encore Mentoring” educational events targeting entrepreneurs over the age of 50 who want to start or grow their small business.  Building on the success of last year’s “Summer of Encore Mentoring,” the SBA and AARP will match encore entrepreneurs with successful business owners, community leaders and advisers for advice, counseling and training assistance during the months of June, July and August 2016.   “The face of entrepreneurship is changing in America and more of those faces today belong to entrepreneurs over the age of 50.  Here at SBA, we are focused on building ladders of opportunity that are open, accessible and available to all entrepreneurs,” said SBA Administrator Maria Contreras-Sweet.  “We are fortunate to have a great partner in AARP, which has been dedicated to helping those over 50 take control of their future.” The “Summer of Encore Mentoring” will consist of nationwid...

From the Bureau of Labor Statistics : The aging of the United States population will influence the economy for many years to come. The Census Bureau projects that in 2050, the population aged 65 and older will be 83.7 million, almost double its estimate of 43.1 million in 2012... Understanding expenditure patterns in later life is crucial to evaluating financial security in retirement. This analysis uses integrated data from the 2014 Consumer Expenditure Survey (CE), which separates the 55-and-older age range into three groups: ages 55–64, 65–74, and 75 and older. Data show that: *Housing is the greatest expense in dollar amount and as a share of total expenditures for households with a reference person 55 and older. *Clothing and transportation spending, and contributions for pensions and Social Security decline with the age of the reference person. *Healthcare spending increases with the age of the reference person.

Sometimes employment discrimination is obvious; for example, a particularly bigoted manager or supervisor may use racial slurs or explicitly admit to discriminatory intent. Those cases are rare, however. More often than not it is much harder to prove employment discrimination because employers who want to discriminate have become quite good at hiding their intentions. One trick these employers use is using coded language in their job postings. They list job qualifications that are a pretext for eliminating certain job candidates. This is particularly common when it comes to age discrimination. "Digital Native" and "Recent Graduate" Can be Code for "Young" More from Payscale

For more than fifty years, the SBA has helped entrepreneurs start, grow and succeed in their business ventures. For all kinds of business owners across the country – including in traditionally underserved communities – SBA provides resources and access to capital they need to flourish. Here's how SBA helps entrepreneurs and business owners who are:   Minorities : Interested in government contracting? The  8(a) Business Development Program  helps small, disadvantaged businesses compete in the marketplace. Women : From registering your business to hiring your first employee, SBA is here to help you launch your small business.  Native Americans : SBA has opportunities and programs designed to help Native American entrepreneurs start and manage their businesses. Veterans : From the military world to the business world, SBA has customized resources to help our veterans succeed. 50+ Entrepreneurs : Are you nearing retirement and exploring new opportunities? S...

Alliance will provide counseling, training to 100,000 encore entrepreneurs SBA has set up a http://www.sba.gov/content/50-entrepreneurs dedicated web page for Americans over the age of 50 featuring: an online self-assessment tool that will help potential small business owners understand their readiness for starting a business as well as information to help with business planning, shaping a winning business idea, professional counseling, financial services and information to find local resources in your area. More HERE .

The U.S. Small Business Administration has a new package of resources for older entrepreneurs looking to start both for-profit and nonprofit businesses. The site, 50-Plus Entrepreneur , is targeted to those seeking to start a small business, but offers lots of practical advice for social entrepreneurs as well. For example, people can get help in analyzing their competition, counseling problematic employees, improving cybersecurity, developing a business plan and determining how much insurance is needed. That audience might also be interested in Encore Careers . "The growing network of people in encore careers is transforming the workplace and the way that people think about work. More and more individuals in the second half of life are combining continued income with personal fulfillment and social impact." Here's a success story about a social entrepreneur . (Thanks, JM)

In January, the Urban Institute released a report called " Current Strategies to Employ and Retain Older Workers ". Their reason for doing this can be found in their Executive Summary: "As the U.S. population ages and the number of people reaching traditional retirement ages increases, employers need to do more to attract and retain older workers, many of whom are highly experienced, knowledgeable, and skilled. Successful approaches include offering formal and informal phased retirement options and creating flexible work arrangements, such as part-time work, flexible schedules, job sharing, telework arrangements, and snowbird programs. Federal, state, and local governments, as well as nonprofit organizations and post-secondary educational institutions, help older workers find employment and secure job training. They also educate employers about the value of older workers." I just had a birthday, but I'm NOT writing this from the perspective of an "older...