Many of the workers who retired during the pandemic were already at or beyond retirement age, making them less likely to return to work. But workers in the 65+ age group can be drawn back into the workforce under certain conditions.
Will some retirees return to the labor force?
Claiming Social Security earlier means more time receiving benefits, but that action will permanently reduce them, which can threaten financial health at older ages.
The labor force participation rate for older workers continues to decline, suggesting that many older workers displaced by COVID-19 job loss have left the labor market.
More than one-third of workers say they won’t retire until after age 65, about three times the number saying so in the early 1990s.
Grappling with deficits and debt, 14 countries -- including Germany, Italy, Spain, Greece and Ireland -- are planning to increase their retirement ages to between 67 and 69 by 2050, according to the Washington Post. In the majority of euro zone countries, the full retirement age is currently 65.
Retirement ages must rise globally if everyone's gonna keep living longer and we don't want to bankrupt national pension systems, says a new international report from the Organization for Economic Co-operation and Development, an international organization with 34 member countries. Already, 67 is becoming the new 65, it says.
A new survey conducted by Dutch insurance company AEGON shows retirement pessimism extends far beyond American borders. Participants from eight European countries and the United States showed similarly dismal views on their ability to save and plan for retirement securely. Only 15 percent of workers said they are confident they're on the right track with retirement savings; 71 percent believe future generations will be worse-off in retirement than current retirees.
A surprising 62 percent of married couples disagree on the timing of their respective retirements.
A new study from MetLife finds that, contrary to predictions, older Americans are retiring. In fact, more than 60 percent of 65-year-olds"”the leading edge of the boomer generation"”are already collecting Social Security.
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