The ‘Great Retirement’ by the Numbers
OLDER BOOMERS LEAD THE WAY
There has been a boon in retirements and resignations in the wake of COVID-19. There were “3.3 million, or 7 percent, more retirees in the United States as of October 2021 compared to January 2020,” according to Bloomberg News. Coined as the ‘Great Resignation,’ this escalation was led by older Caucasian women without a college education, research from the St. Louis Federal Reserve revealed. Baby boomers age 65 and older comprised the largest group of employees that left the workplace, as compared to retirements and resignations of workers age 54 to 65 – which remained consistent before and after the pandemic. These retirees have not returned to work because of “myriad reasons… including layoffs, health insecurity, child care needs, and any number of personal issues that arose from the disruption caused by the pandemic. But among those who have left and are not able to – or don’t want to – return, the vast majority are older Americans who accelerated their retirement,” according to CNN. And the escalation in the “value of assets such as investments and real estate” gave some Americans an opportunity to stop working earlier than they anticipated.” Average net worth jumped over 2% among families with a head of household age 55 to 69 and older, per the Federal Reserve study.