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America Counts: Stories Behind the Numbers
Did COVID-19 Change Retirement Timing?
The COVID-19 pandemic?s disruption of labor markets was massive, but it had only a modest impact on peoples? retirement timing, according to recently released data from the U.S. Census Bureau?s 2021 Survey of Income and Program Participation (SIPP).
The SIPP collected data on respondents? labor force status in 2020, the first year of the pandemic. These data show modest pandemic-related effects on retirement. The share of respondents ages 55-70 who said they were retired dipped slightly from January to December that year.
When asked how the pandemic affected the timing of their retirement, 2.9% of adults ages 55-70 employed in January 2020 said they retired early or planned to retire early due to the pandemic, while 2.3% said they either delayed or planned to delay retirement for the same reason.
Retirement trends were remarkably stable during a period of upheaval in the labor market overall.
Continue reading?to learn more about:
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Retirement patterns
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Age, health, retirement
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Retirement timing by industry
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Earnings and retirement timing
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About SIPP and its COVID content
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