Baby Boomer Retirements Have Taken a Big Jump in the Past Year

Consumer Affairs reports that a Pew Research Center analysis of monthly U.S. workforce data found baby boomers are retiring in record numbers, with 3.2 million more retiring from 2019-2020 than in previous years. This gain is more significant among Hispanic and Asian American boomers, and is mainly concentrated among those living in the Northeast United States — increasing from 35 percent in February to 38 percent in September. Pew researchers suggest job losses may be the primary driver, likely due to the COVID-19-induced recession. The number of retired boomers has increased by nearly 1.1 million since February, with Pew acknowledging that some of this could be caused by seasonal change in employment activity. Meanwhile, boomers have an average $152,000 in retirement savings, according to the TransAmerica Center for Retirement Studies' 19th Annual Retirement Survey of Workers . With the Bureau of Labor Statistics estimating that adults between 65 and 74 spend $48,885 per year on average, that nest egg would be depleted in less than four years.