In Reversal, Retirements Increased During the Pandemic

The retirement rate rose during the pandemic, according to the Current Population Survey by the U.S. Bureau of Labor Statistics cited by the New York Times . Seventeen percent of Americans age 55 to 64 were retired in the 12 months ending March 2021, up from 16.8 percent in the previous two years. The retirement rate for people 65 to 74 was 65.6 percent versus 64 percent in the year before the pandemic. Job losses, business closings, and increased COVID-19 risk for older workers are seen as contributing to this trend. Some older workers were in a better position financially to retire due to rising home prices and stock market values. The rise in retirement during the pandemic is small relative to the longer-term decline in retirement rates.