SELF-EMPLOYMENT AND THE 50+ POPULATION

Abstract

This research study has three primary objectives: (1) to describe overall self-employment trends in the U.S. population and among those age 50 and over; (2) to examine the characteristics of middle-age and older self-employed persons and compare them with their wage and salary counterparts; and (3) to estimate models of employment transitions to identify determinants of who becomes self-employed in later life. This study was undertaken because of the general lack of research on self-employment among workers age 50 and over. Sources for the data include the Current Population Survey (CPS) and the Health and Retirement Study (HRS). These sources provide information on self-employment trends for the 50 plus group, the characteristics of older self-employed workers, and the factors associated with the transition to self-employment at older ages. Findings indicate that one-third of older self-employed workers made the transition to self-employment at or after age 50. Findings also show that although the overall trend in self-employment rates has declined in the past decade, the fact that self-employment rates rise at older ages and that the population is aging suggests that demographics alone may halt or reverse the trend. (JSD)

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