OPINION: The pandemic retirement surge has “increased retirement inequality.”
Yes, some people have quit their jobs in the wake of the pandemic from a position of strength, and are going off to do other, better things.
At least 1.7 million extra older workers have retired early as a result of the pandemic, they find. But the big jump in retirement over 55 isn’t among the rich and the educated. On the contrary, “vulnerable older workers retired sooner, while more privileged workers delayed retirement,” they write. “The share of retired workers among adults aged 55-64 rose 5% for those without a college education but fell 4% for those with a college degree.
And new research from the New School finds that from 2010 to 2018, 55% of workers age 55 and over in the bottom half of the income distribution were forced out of the workforce by layoffs, poor health, family concerns and age discrimination.
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