Pandemic prompted 3 million workers to take a hike: Federal Reserve

Boom in early retirements shows no sign of abating, according to the Federal Reserve.

By Alex Tanzi & By Michael Sasso | October 25, 2021 at 11:57 AM

(Bloomberg) – More than 3 million Americans retired early because of the Covid-19 crisis, new research found. That equals to more than half of the workers still missing in the labor force from pre-pandemic levels.

The estimate, calculated by St. Louis Federal Reserve economist Miguel Faria-e-Castro, suggests that the boom in early retirements shows no sign of abating. Back in April, government surveys suggested that 2.7 million Americans age 55 or older were contemplating retiring sooner than they'd imagined.

Recommended For You

The surge in stocks and housing values during the pandemic has made it possible for young baby boomers with a nest egg to stop working.

READ MORE:

NOT FOR REPRINT

1 Stop HSA Headaches: Helping Clients Choose the Right Provider

2 Armed man causes UnitedHealthcare buildings to lock down

3 Trump tells DOL to develop PBM transparency regulations to lower drug prices

4 Biden breaks silence to slam Trump over Social Security cuts

5 Employers' ACA coverage in limbo as Supreme Court weighs task force legality

Insurance
BenefitsPRO Broker Expo 2025
May 06, 2025 - Boston

The premier educational and networking event for employee benefits brokers and agents.
More Information
Workers' Compensation Risk Management Award for Excellence Nominations
May 05, 2025 - Nomination Deadline

The 2025 Workers Comp Risk Management Award for Excellence honors outstanding loss control, safety and return-to-work programs.
More Information
Consulting
Consulting Top Consultants 2025
June 26, 2025 - New York

Consulting Magazine identifies consultants that have the biggest impact on their clients, firms and the profession.
More Information

HHS-leaked document indicates HealthCare.gov will still exist in 2026

By Allison Bell | April 18, 2025

Affordable Care Act public exchange activities would have to rely on user fees and other program revenue.

HHS-leaked document indicates HealthCare.gov will still exist in 2026

Poor communication fuels health plan dissatisfaction

By Caitlin Moling | April 18, 2025

The growing chasm in customer experience begs the question: What are the top health plans doing well that the lowest-ranked plans cannot seem to get right?

Poor communication fuels health plan dissatisfaction

UnitedHealth CEO objects to critics' 'obsession' with PBMs' role in drug supply chain

By Allison Bell | April 18, 2025

Andrew Witty hopes a new executive order will lead to a review of all players in the sector.

UnitedHealth CEO objects to critics' 'obsession' with PBMs' role in drug supply chain

How One Employer Helped 1 in 3 Employees Improve Blood Pressure link

Case Study

Sponsored by Labcorp

Reducing Employee Onboarding Time and Solving Staffing Challenges

Long onboarding times and staffing shortages create costly delays. Discover how one large healthcare system streamlined its hiring process, reducing onboarding time from weeks to days while improving the candidate experience and freeing up internal staff.

Browse More Resources ›

White Paper

Sponsored by Trustmark Voluntary Benefits

Opt In or Opt Out: Solving the Problem of Low Employee Engagement in Passive Voluntary Benefit Enrollments

Voluntary benefit elections are not what they used to be. The shift toward passive enrollments prevents employees from being actively engaged in the enrollment process, generating low participation rates and putting employers and insurers at risk. This guide explores a new approach to enrollment that combines facets of both traditional enrollment processes and the new self-service culture to increase engagement and boost participation.

Browse More Resources ›

Instant Insights /