Retiring early is becoming the norm as the share of US workers planning to work beyond age 62 continues to retreat, extending a downshift that started with the pandemic.
The share of people who say they will likely be working full-time after age 62 dropped to 45.8% in March, according to Federal Reserve Bank of New York research examining labor market and consumer expectations surveys. That’s the smallest share in data back to 2014.
Since March 2020, an average 49% of respondents said they will work past 62, down from an average share of 55% from March 2014 to March 2020. The trend was similar, though the share was smaller, among respondents when asked about working beyond age 67.
“Pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” the report’s authors said.
The reasons for the shift are numerous and wide-ranging. Everything from health concerns, helping to care for grandkids, and a general disengagement with work have been cited. Patterns and work routines that were seen normal before the pandemic are now somewhat unfathomable to many and include long commuting distances, both by both personal vehicle and public transportation.
There has also been a cultural shift characterized by rethinking the value of work, according to the Fed. In particular, the shift has been more pronounced among women than men.
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