At the same time, the value of homes and 401(k) accounts ballooned in 2021, bringing retirement within reach for many.Įliza Forsythe, an assistant professor of economics at the University of Illinois at Urbana-Champaign, found in a recent paper that these accelerated retirements may have made it possible for younger workers to move out of customer-facing jobs in industries like food service and retailing. The pandemic, which made workplaces particularly dangerous for older people, supercharged that trend. “I keep my credentials ready in case I want to buy a boat or something.”įor decades, a large generation aging into retirement has been the strongest factor dragging down overall labor force participation. “I could jump back in, but then I got used to being retired,” Mr. ![]() He gets offers to go back to work at twice his previous salary, but hasn’t felt the need to cooking and gardening are keeping him busy. So he moved to Port Charlotte, Fla., with enough money from the sale of his house to buy another in cash. “I’m pretty healthy, but I was concerned about just being in a hospital surrounded by Covid, and I didn’t want to fall prey to that.” “As Covid got worse, I was leery about going back into the medical field,” said Mr. And as the pandemic raged, that started to look like a better idea than working in health care. Strait talked to a financial adviser, who said that he could retire if he downsized and moved somewhere with a lower cost of living. But as the Federal Reserve tries to tame inflation, those gains could be eroded.
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