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The Post‑Pandemic Shift in Retirement Expectations in the U.S

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Abstract

One of the most striking features of the labor market recovery following the pandemic recession has been the surge in quits from 2021 to mid-2023. This surge, often referred to as the Great Resignation, or the Great Reshuffle, was uncommonly large for an economic expansion. In this post, we call attention to a related labor market change that has not been previously highlighted—a persistent change in retirement expectations, with workers reporting much lower expectations of working full-time beyond ages 62 and 67. This decline is particularly notable for female workers and lower-income workers.

Suggested Citation

  • Felix Aidala & Gizem Koşar & Wilbert Van der Klaauw, 2024. "The Post‑Pandemic Shift in Retirement Expectations in the U.S," Liberty Street Economics 20240509, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:98211
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    More about this item

    Keywords

    retirement; expectations; pandemic; recession;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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