Roughly 1.3 million more people age 55 and older are retired today than we would expect absent the pandemic.
on unretirement shows people are returning from retirement at pre-pandemic levels or slightly above. So Bunker is right that these flows are increasing. But given the longstanding challenges that we know older workers face in finding new employment—age discrimination chief among them—it’s worth watching to see if unretirement flows increase to a significant enough level to bring the excess retiree population down to what we would expect to see.
What best predicted excess retirement was whether older people were working part-time pre-pandemic. And, this is not a surprise, whether they were in occupations that require close physical contact with others. Workers in these two categories were hit the hardest by the pandemic. As I said, early job losses were greatest in high-physical-proximity jobs especially. Of course, the pandemic meant much greater health risks for older workers in close-contact jobs that can’t be done remotely.On one hand, part-timers are more likely to work in service jobs of the sort that were jolted by the pandemic. But many older workers also work part-time as a bridge to retirement.
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