Social Security Report

Retirements Actually Increased During the Pandemic - The New York Times & AMAC

It sort of defies logic, but indeed more people retired during the pandemic after decades of decreases.  Compare that to the financial crisis of 2008-9 that wiped many out and actually negated any retirement altogether for some.  Jed Kolko of The New York Times note for the 12 months ending in March 2021,17.0 percent of Americans aged 55 to 64 were retired, up from 16.8 percent in the two previous years, though this is still a lower percentage than in earlier decades.  The retirement rate rose more for people 65 to 74.  It was 65.6 percent in the year up to March 2021, versus 64.0 percent in the year before the pandemic.  That brought the rate back up almost to its level in 2011, though still below its 2001 level.  Kolko suggests job losses, rather than rising asset values, appear to be the main cause.  Full article here.

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