They provide caregiving for loved ones, help to raise grandchildren, volunteer their time and support charities.
And as people extend their work lives, they are fueling economic growth past the traditional retirement age.
That information was used to project the groups effects on the economy overall.
The Longevity Economy Outlook demonstrates the sheer magnitude of older Americans contributions to all of society.
Four key findings from the report:
1.
People 50+ are a growing economic engine that benefits society now and in the future.
It will hit 157 million by 2050.
That growth means more collective spending power.
In 2050, that number is projected to be 61 cents of every dollar.
Caregivers who are 50 and over comprise a $604 billion invisible workforce.
All told, the 50-plus population contributed unpaid activities worth $745 billion.
The study urges policymakers and employers to find ways to better support older adults who have caregiving duties.
For instance, Reinhard says that more employers should offer paid leave for caregiving or flexible work hours.
The spending and labor of people 50-plus support 88.6 million jobs.
That equals 44 percent of total employment in 2018.
Certain fields stand out for employing experienced workers.
The health care sector employed 7.3 million older adults in 2018.
Theres a similar situation in education, which employs 5.1 million people 50 or older.
Teacher shortages an estimated 112,000 positions in 2018 alone might mean more demand for older adults.
Starting businesses creates jobs for some while providing valuable products and services to others.
The market needs to catch up to the needs of the 50-plus population.
The bad news is that attitudes and stereotypes about aging have not changed enough, the study says.
And many products and services available to us as we age are woefully out of date.
Market innovation is essential.
But more innovation is needed to meet the demands of this influential population.
Each and every business stands to gain from tapping into the 50-plus market opportunity, the report says.
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