Covid Early Retirees Top 3 Million in U.S., Fed Research Shows
- ‘Excess’ retirements equal to over half of missing workers
- Boom in assets enabled many young baby boomers to leave jobs
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More than 3 million Americans retired early because of the Covid-19 crisis, new research found. That equals to more than half of the workers still missing in the labor force from pre-pandemic levels.
The estimate, calculated by St. Louis Federal Reserve economist Miguel Faria-e-Castro, suggests that the boom in early retirements shows no sign of abating. Back in April, government surveys suggested that 2.7 million Americans age 55 or older were contemplating retiring sooner than they’d imagined.