Older Americans Leaving Workforce Due to Coronavirus but Not Claiming Social Security Banefits

Older Americans Leaving Workforce Due to Coronavirus but Not Claiming Social Security Banefits

A new study by the Center for Retirement Research at Boston College found that about 50% more people aged 55 and older will stop working in a year. The chances of people stopping work increased from before the start of the coronavirus pandemic, or about 7%.

In the eye-opening findings, women, Asian-Americans, people without a college degree, and workers without a telecommuting option were most impacted.

A study found that many people who migrate out of the workforce do not tap into their Social Security retirement benefits. The study noted that people who retire tend to be older than those who do not retire. The study also found that the rate of people retiring only increases by 1 percentage point, and it is primarily among those over 70.

This study says that there is a difference between people’s retirement and when they leave work. It might be because the people want to return to work, but it would be dangerous to do so. Or they might not want to go back but are using other sources of income that will help them delay claiming Social Security.

Just last month, The Washington Post reported that there are more Americans who are waiting to get Social Security benefits because they understand that the longer they wait, the larger their monthly payout will be.

Many Americans who are better off have a reason to retire. They get a lot of money from the government and they also have a lot of money from the stock market. Many people worry about their health. So many people who were worried about their health decided not to go back to work after retirement.

The AARP says that there is a lot of evidence.

If you are not going to live for many years, and if you need help with money, take benefits early. If you are not sick and if money does not matter for you, then wait until seventy to begin getting benefits.

The website said that if I stay at my job for a long time or work part-time when I retire, then I’ll earn a paycheck. If my paycheck is big enough, then I won’t need to draw on Social Security from the government earlier than necessary.

However, an expert said some people might not have enough money to claim at sixty-two.

Social Security is a big decision. If you claim it at age seventy, that might not be the best thing for you. You might not even be able to get it if you are younger than that

As you get older, it can be hard to find a job again. If you lose your job when you are in your mid-sixties and cannot find another one, you might need to use benefits. One option is to delay getting those benefits until the age of seventy. That could help for financial reasons.

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