The research showed that the rate at which older workers left employment increased dramatically during the pandemic.
This was especially the case with women — an 8-percentage-point increase vs. 7 points for men; Asian Americans — a 13-point increase; those with less than a college degree — a 10-point increase; and workers with occupations that did not lend themselves to remote work.
There was one exception: Workers 70 and older were 5.9 percentage points more likely to leave the workforce and retire. The study noted that these workers were likely already receiving Social Security benefits, so claiming did not markedly increase.
Among all workers 55 and older, the monthly claiming rate for Social Security benefits remained constant between April 2019 and June 2021, the researchers found.
Author(s): Michael S. Fischer
Publication Date: 30 Dec 2021
Publication Site: Think Advisor