- Just 16% of older Americans said they will retire later due to Covid-19, according to research.
- Moreover, only 11% of people ages 55 to 75 withdrew extra money from their retirement accounts.
- The survey, which was conducted between May and June of last year, could be an early indicator of how this cohort bounced back from the pandemic.
Klaus Vedfelt | Getty Images
The Covid-19 pandemic was an unprecedented shock for many older workers. Even so, most do not plan to delay their retirement dates as a result, according to a report from Pew Charitable Trusts.
In April 2020, the unemployment rate for workers ages 65 and up climbed to 15.6%, the highest rate on record for that cohort. It also created the largest gap on record between that age group and workers ages 25 to 54, who had a rate three percentage points lower.
However, Pew's survey found that a majority of older Americans do not plan to change their retirement plans. Just 16% indicated they will retire later than expected due to Covid-19.
The survey was conducted during the height of the pandemic between May 2020 and June 2020 as part of a larger study on retirement planning underway at Pew. Respondents included 1,125 near and recent retirees ages 55 to 75, who have saved at least $30,000 toward retirement.