“‘Great retirement’ in U.S. driven by older female baby boomers,” by Alex Tanzi, Bloomberg
“The surge in U.S. retirements during the COVID-19 pandemic was led by older White women without a college education, according to research by the St. Louis Federal Reserve. … Overall, there were 3.3 million, or 7%, more retirees as of October 2021 than in January 2020, a number that exceeds the expected demographic shift of the large baby-boomer cohort out of the labor force. Here are some of the other findings: … Americans retired early for many reasons during the coronavirus crisis, including because they lost their jobs, feared for their health or had to care for family members. Another factor was the boom in the value of assets such as investments and real estate, which gave some Americans an opportunity to stop working earlier than they anticipated. Average net worth jumped 12% and 14.8% among families with a head of household aged 55 to 69, and 70 and older, respectively, Fed researchers found.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
Expect an equal or greater surge in “unretirements” as the rapidly oncoming “Greater Recession” kicks into full gear. Click through for more details.
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