This report explores the drivers of the pandemic retirement surge. Contrary to other contributions that posited a major role for diminished flows out of retirement, we find only a minor role for the drop in “unretirement,” that is, the decrease in flows from retirement to employment. The most important driver of the recent increase in retirements consists of higher flows into retirement among workers who were employed in the year before the pandemic. The retirement of workers who became unemployed due to the pandemic also contributed significantly to the increased retired share.


Davis, Owen F. and Siavash Radpour (2021). “Dissecting the Pandemic Retirement Surge.” Schwartz Center for Economic Policy Analysis and Department of Economics, The New School for Social Research, Research Note 2021-03.