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COVID-19 Forced Over 3 Million Americans to Retire Early, Study Says

October 25, 2021 by Forex Winner Leave a Comment

COVID-19 Forced Over 3 Million Americans to Retire Early, Study Says

Source: MarketWatch

Over 3 million Americans were forced to retire earlier than scheduled because of the COVID-19 pandemic, according to an analysis conducted by the St. Louis Fed.

  • St. Louis Fed Senior Economic Miguel Faria Castro found that there were over 3 million excess retirements as of August versus normal retirements.
  • The excess retirements account for over half of the 5.25 million individuals who left the labor force since the pandemic started.
  • Castro attributed the uptick on the retirees being more vulnerable to infection and death and the surge in the stock and housing markets.
  • The economist noted that as people get richer, they work less and evidence points that the evolution of asset values influences the participation of the labor force.
  • Castro said that should the excess retirees be permanent losses in the labor force, the amount of slack may be smaller than the 5.25 million.
  • He noted, however, that there may be retirees who decide to return depending on factors and the prevailing market conditions.

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