65.4% – Percentage of U.S. adults ages 55 to 64 who were working as of May 2022, nearly the same rate as in February 2020 (65.5%) before the pandemic. The rate dropped during the summer of 2022 due to seasonal variation, but this represents a strong and unexpected rebound for this age group. Many economists expected that near-retirees who left the workforce during the pandemic might choose early retirement.
Source: U.S. Bureau of Labor Statistics, 2022
Considering high inflation, it’s not surprising that the percentage of retirees who said their spending was higher than expected increased in 2022 over 2021. These surveys were conducted in January of each year, so with inflation continuing to run high, it’s likely that even more retirees may be experiencing unexpected spending.
Source: Employee Benefit Research Institute, 2022
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