50.3%: Adults 55 and older who said they were out of the labor force due to retirement in the third quarter of 2021. Numbers Pew Research Center: Pandemic Prompts Retirements RETIREMENTS INCREASED DURING the pandemic for people 55 and older, according to a report from the Pew Research Center. During the pandemic, housing prices increased, and the stock market reached new highs after an initial sell-off, which might have allowed more people to retire early. “The retirement uptick among older Americans is important because, until the pandemic arrived, adults ages 55 and older were the only working-age population since 2000 to increase their labor force participation,” according to the report. “It is unclear whether the pandemic-induced increase in retirement among older adults will be temporary or longer lasting. Newly published labor force projections from the Bureau of Labor Statistics suggest it will be temporary.” Here are some of the numbers behind the report: Source: the Pew Research Center. The full report can be found at: pewrsr.ch/3tFkjXd. 3.5 million: The number of new retirees 55 and older for the past two years. 1 million: The number of new retirees 55 and older per year from 2008 to 2019. 48.1%: Adults 55 and older who were retired in the third quarter of 2019, before the pandemic hit. 40/33%: Bureau of Labor Statistics projection for the labor force participation rate for 65- to 69-yearolds in 2030 compared to 2020. 66.9/64%: Adults 65 to 74 who said they were retired in 2021 compared to 2019. 36 REVERSE MORTGAGE / MAY- JUNE 2022
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