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September 08, 2021 at 12:01 PM
What You Need to Know
- The share of respondents to a New York Fed survey expecting to work past the age of 62 dropped to its lowest level since 2014.
- The numbers saying they’re likely to be employed when they’re older than 67 also dropped.
- More than 1 million older workers have left the labor market since March 2020.
Americans say it’s increasingly unlikely that they’ll work deep into their 60s, according to new data from the Federal Reserve Bank of New York.
The share of respondents expecting to work past the age of 62 dropped to 50.1% in the New York Fed’s July labor-market survey, from 51.9% a year earlier — the lowest on record in a study that’s been conducted since 2014.
The numbers saying they’re likely to be employed when they’re older than 67 also dropped (see chart below), to 32.4% from 34.1%.
Retirement Expectations. (Chart: Bloomberg)
The data reinforces other research pointing to a wave of early retirements triggered by the pandemic.
More than 1 million older workers have left the labor market since March 2020. Some Americans have been rethinking their priorities after the trauma of COVID-19 — with a bigger nest egg to fall back on, thanks to exuberant financial markets.
