A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?

Many older workers say they'll need to work longer because of the economic crisis, reports the New York Times . But that will be easier said than done. Between 2014 and 2016, just over half of workers who retired between ages 55 and 64 did so involuntarily because of ill health, family responsibilities, layoffs, and business closings, according to research by the Schwartz Center for Economic Policy Analysis at the New School for Social Research. The pandemic has already fueled a surge in early retirements, a report published recently by three economists shows. They found that among people who had left the labor force through early April, 60 percent said they were retired — up from 53 percent in January before the pandemic. The largest increase was among people over 65, but nearly half of this group were 50 to 65, noted report co-author Michael Weber, a professor at the University of Chicago Booth School of Business.