Thursday, November 18, 2021
A few weeks ago, the Washington Post ran this article, The latest twist in the ‘Great Resignation’: Retiring but delaying Social Security
For better-off Americans, the pandemic economy created some of the strongest incentives to retire in modern history, with generous federal stimulus, incredible market gains, skyrocketing home values and health concerns drawing many Americans into early retirement.
The surprising twist? Many of these retirees also opted to put off claiming Social Security benefits, an exclusive Washington Post analysis shows. By delaying their benefits, these retirees can expect to collect higher monthly checks in the future.
America’s retiree population grew by about 3 million during the pandemic, about double what would have been expected given pre-pandemic trends, which has been previously reported. But the surprising surge in older Americans delaying Social Security upon retirement is another example of a number of unusual trends roiling the American labor market. Most notably, workers of all ages are quitting jobs in record numbers, in what has been dubbed the “Great Resignation.”