The study found that the number of U.S. retirees gained 3.3 million, or 7%, from just January 2020 to October 2021. That, of course, coincides with the Covid pandemic.
“The rate of retirements exceeds that predicted by the demographic shift of baby boomers into retirement,” said the report, written by St. Louis Fed officials William M. Rodgers III and Lowell Ricketts.
Other report findings include:
· Women are more likely to be retired than men, with the difference “far more pronounced” among people aged 65 to 74.
- Blacks, Hispanics and Indigenous workers were more likely to still be working than their white peers. But Asians were “slightly more likely” to be retired than whites.
- “Workers with at least some college education were less likely to be retired than their peers with a high school diploma or less education,” said the report.
- As for income differences, the higher the income, the less likely people were to be retired.
- Never-married people were more likely to still be working than married or widowed people.
- Among people who were separated or divorced, those 75 and older were more likely to be retired than others. “But at younger ages there was no meaningful difference,” the report said.
- Non-veterans were more likely to be working than veterans, especially among people aged 65 to 74.