COVID-19 Is Forcing Older Workers To Retire Early

Before the pandemic hit, America had one of the strongest job markets in decades. Now, older workers who have lost their jobs are having a very hard time replacing them, forcing many of them to retire early.

In the spring, over 22 million Americans lost their jobs, but got them back after a couple of months. Unfortunately, the “bounce back” was uneven.

Joseph Briggs, economist at Goldman Sachs penned a note to his clients earlier this month that mentioned:

“Young workers’ participation in the labor force has nearly fully recovered — likely reflecting both lower health risks from the virus and a decline in college enrollment — while the participation of older workers and women has recovered more slowly.”

He estimates that 830,000 “excess retirees” in October, representing about a quarter of the difference between the pre-pandemic workforce and the current workforce.

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