"As of October 2022, the retired share of the U.S. population was nearly 1-1/2 percentage points above its pre-pandemic level (after adjusting for updated population controls to the Current Population Survey), accounting for nearly all of the shortfall in the labor force participation rate. In this paper, we analyze the pandemic-era rise in retirements using a model that accounts for pre-pandemic trends in retirement, the cyclicality of retirement, and other factors. We show that: more than half of the increase in the retired share are "excess retirements" that would likely not have occurred in the absence of the pandemic; excess retirements have been concentrated among cohorts age 65 and older at the start of the pandemic; excess retirements have been largest among the college-educated and whites; and excess retirements reflect in part that worker transitions from the labor force to retirement remain elevated. We also show that failing to account for updated population controls to the Current Population Survey leads to an underestimate of the rise in the retired share over the last few years. We use a cohort-based framework to argue that looking forward, unless the pandemic has permanently affected retirement behavior, excess retirements should eventually fade as those who retired early during the pandemic reach ages when they would have normally retired. Even as excess retirements fade, the retired share will remain well above its pre-pandemic level, reflecting population aging."--Abstract.

Evidence from both local and national surveys suggests that substance misuse and abuse among older adults in the United States is a "hidden epidemic" that poses a major threat to the welfare and quality of life of older drinkers and their families, and has significant public health implications. Based on their findings from a 10-year, NIH-funded study of retirement, aging, and substance misuse, Peter Bamberger and Samuel Bacharach examine the complex web of factors contributing to the precipitation and exacerbation of substance problems among older adults. They discuss the individual and public health implications of such problems, as well as some of the evidence-based steps that may be taken to prevent their emergence and help those in need of assistance for policy-makers and health practitioners. This book provides a single-source review of the latest research assessing the magnitude and costs of older-adult substance abuse, as well as detailed analysis of the epidemiology of older-adult substance abuse. The authors provide an analysis of the efficacy of alternative prevention and treatment strategies, and present scientific evidence in a user-friendly format, highlighting extensive interview data to accompany their statistical results. The illustrations offered by these real life cases not only provide a sense of richness and understanding to a complex issue, but also offer a fitting reminder to the reader that this is an issue affecting people we know and families like our own.

Things were looking pretty good financially in early 2020 - that is, until the COVID-19 crisis (Coronavirus) pandemic, when the Dow Jones Industrial Average plummeted from its all-time high of 29,568 to below 18,300...all in less than one month's time! In fact, between February 24, 2020 and March 16, 2020, the DJIA suffered 8 of its 10 biggest one-day point losses in history - and the world economy followed suit, resulting in panic and loss that was worse than that of the Great Depression in the early 1930s and the 2008 economic recession. In addition to the worldwide health panic that the Coronavirus caused, it was, is, and will likely continue to be responsible for countless business and personal financial losses. So, why is it, then, that while most of the world wondered whether their finances would ever recover, some investors and retirees went on about their days as if they hadn't a financial care in the world?That's exactly what you'll learn in this book. Joe RoosEvans, a leading retirement expert, national speaker, radio host, and the founder of FRA Trust, will take you on a journey to our "new normal" following the COVID-19 pandemic and explain why financial planning as we've always known it will never be the same...and what you can do right now to ensure that your financial plan isn't the victim of a health or economic crisis in the future.

This chapter analyzes the implications of the unexpected 2020-2021 COVID-19 pandemic for work and retirement in the U.S. The pandemic induced the greatest loss of jobs in the shortest period of time in U.S. history. A slow economic recovery would surely have endangered work longer/retire later policies that seek to adjust the finances of Social Security retirement to an aging population. Boosted by the huge CARES (March 2020) and ARPA (April 2021) rescue packages, the early recovery from the COVID-19 recession was faster and stronger than the recovery from the 2007-2009 Great Recession. Even so, the pandemic greatly altered the job market, with workers suffering from long COVID having difficulty returning to work and more workers working from home. In its immediate effect and potential long-run impact, the pandemic recession/recovery is a wake-up call to the danger that shocks from the natural world pose to work and retirement. Realistic planning for the future of work and retirement should go beyond analyzing socioeconomic trends to analyzing expected unexpected changes from the natural world as well.

In this paper, I investigate how the COVID-19 pandemic and the subsequent pandemic recession affect older workers' retirement transitions. I use panel data from January 2019 to February 2021 Basic Monthly Current Population Survey (CPS), combined with data on unemployment rates, COVID-19 cases, and occupational characteristics. My regression results show that before the pandemic, a higher unemployment rate generates an increase in retirement probability but this positive effect falls to zero during the pandemic. A rise in the health risks of the pandemic, measured by the COVID-19 cases per 100, is associated with a lower probability of retirement. Moreover, occupational characteristics are a factor that older workers take into account when considering retirement. Those who can work from home during the pandemic are less likely to retire. Retirement transitions also show disparities among demographic groups. Older workers above age 62 and less educated older workers are more responsive to the pandemic and the recession. The unexpected negative effects on retirement of the labor market downturn in the pandemic era and the health risks from the pandemic may be explained by common shocks that are experienced across the country.