Although many older workers walked away from the workforce at the beginning of the pandemic, The Washington Post finds that few have tapped into their Social Security benefits.
This indicates that this job exodus was temporary, and that many may return to the workforce as the pandemic subsides and companies enhance their benefits and perks.
According to the Bureau of Labor Statistics, the number of American workers over the age of 55 fell by 6 percentage points in March and April of 2020.
What’s more, a report from the Center for Retirement Research at Boston College showed that older workers who had access to remote working arrangements were less likely to leave their jobs.
“There are workers who are available under the right circumstances, but clearly we haven’t done enough to bring them back yet,” said Gal Wettstein, senior research economist at the center .
However, AARP predicts that if the pandemic lingers on, those with savings that have retired are less likely to rejoin the workforce.
Office reentry for many of these workers will highly depend on the state of the pandemic and whether it is safe for this population, who are at higher risk for severe complications from the virus, to return to the workplace.