How Has COVID-19 Affected Older Workers’ Labor Force Participation?

The brief’s key findings are:

• Before COVID, more people were working longer and claiming Social Security later to improve prospects for a secure retirement.
• The question is, how has the pandemic affected these patterns?
• The analysis uses the Current Population Survey to compare job exits and retirements pre- and post-pandemic for workers 55 and over.
• The results show that COVID did increase job exits, particularly for those with no college degree, women, Asian Americans, and those less able to work remotely.
• In contrast, the pandemic had little impact on retirement and Social Security claiming, suggesting many may return to work if COVID continues to recede.