Older Americans Are Leaving , the Labor Force at an Alarming Rate.
CNN reports the COVID-19 pandemic has accelerated retirement for many Americans.
Each month since July, over 4 million Americans quit their jobs.
According to research conducted by Goldman Sachs, almost 70% of those who quit jobs during the pandemic were 55 or older.
Experts worry that many of them don't intend to return to work. "
Part of it is a job quality shortage." Aaron Sojourner, labor economist, University of Minnesota's Carlson School of Management, via CNN Business.
Economists say early retirement among high-income earners may stem from the inflated price of real estate and the strong stock market.
"We already saw a large portion of the Boomer workforce retiring. And they're in a better position now." Nela Richardson, Chief Economist ADP, via CNN Business.
In November, 3.6 million people who had quit the labor force said they weren't looking for a new job.
90% of those who had given up looking for new work were aged 55 and older.
"I think a lot of the narratives imagine prime-age workers as being missing, but it actually skews much older." Aaron Sojourner, labor economist University of Minnesota's Carlson School of Management, via CNN Business.