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The Pandemic Retirement Surge Increased Retirement Inequality

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Abstract

An examination of the status of older workers in June of 2021 reveals three highlights: 1.) Retirement Boom: At least 1.7 million more older workers than expected retired due to the pandemic recession. (2.) Retirement Inequality: At earlier ages, vulnerable older workers retired sooner, while more privileged workers delayed retirement. 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.(3.) Racial Inequality: Black workers without a college degree experienced the highest increase in the share who are retired before age 65. This rate rose 1.5 percentage points, from 16.4% to 17.9%, between 2019 and 2021.

Suggested Citation

  • Owen Davis & Siavash Radpour, 2021. "The Pandemic Retirement Surge Increased Retirement Inequality," SCEPA publication series. 2021-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2021-03
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/status_of_older_workers_reports/Q2_OWAG_2021_V6.pdf
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    Keywords

    older workers; recession; COVID-19; coronavirus; downward mobility; poverty; unemployment; wages; involuntary retirement; retirement; 401k; Medicare; Older Workers Bureau; racial disparities; disparities; inequality;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J88 - Labor and Demographic Economics - - Labor Standards - - - Public Policy
    • J58 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Public Policy

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