How prevalent is the gerontocracy?

Over the past decade, the number of workers over the age of 65 has increased by 33%. That means if you’re eligible to cash a social security check, you’re part of the fastest growing age cohort in the American workforce. Some workers are doing this out of financial necessity, but wealthy workers have also steadily remained in the workforce longer. Look at the pinnacle of the labor market, and you’ll see that society’s elite is graying:

• Business: Starting in 2008, the average age of an S&P 500 CEO has increased from 54 to 59 years old. Nearly 17.8% of Fortune 500 CEOs are over 65. The average age of a board chair in the US is the second oldest in the world.
• Law: In the last ten years, the number of lawyers over the age of 65 has increased by 50%, and that group now comprises over 14% of all active lawyers. That’s twice the percentage of workers over 65 in the rest of the workforce.
• Academia: In 2017, the average college president was reported to be 62, 10 years older than the average in 1990. The number of tenured faculty over 65 doubled between 2000 and 2010.
• Scientific research: Recent data on research investigators at the NIH is scarce, but the average age rose from 39 in 1980 to 51 in 2008. And the average age investigators receive their first grant was 36 in 1990, but had risen to nearly 45 by 2016.