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While many have argued that labor shortages last year were due to young people unwilling to work, retired baby boomers were the main force behind the trend, according to CNN.
In the third quarter of 2021, 50.3% of American adults aged 55 and older reported being inactive because of their retirement, according to the Pew Research Center.
There are a variety of causes behind this. One factor is the strength of the stock market and rising real estate values, which have given high-income consumers, especially baby boomers, more alternatives.
Other issues include the COVID-19 pandemic, which has made returning to work unsafe for older people, and companies not doing enough to get people out of retirement.
Despite these factors, the Congressional Research Service reported that there are signs that the workforce deficit is narrowing as retirees return to work. At the start of the pandemic, the “no-retirement” rate fell to over 2%, but has since risen to around 2.6%, which is still lower than the pre-pandemic figure of over 3%. .
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