Home » More Americans retiring early to 'enjoy the senior years' after a year of COVID-19
More Americans retiring early to 'enjoy the senior years' after a year of COVID-19
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After a year of COVID-19, more Americans are considering retiring earlier than expected after the pandemic forced lifestyle changes that made some people reconsider how they spend time.
Americans under 54 represented a higher percentage — 13% — of pre-retirees, or people who are likely to retire within five years, in 2020 than they had in years past, according to March survey results of 60,000 households from market research company Hearts and Wallets, even as more U.S. households hope to work as long as health permits.
Between 2010 and 2016, fewer middle-aged Americans identified as pre- or post-retirees. In 2020, however, more middle-aged households identify as such; 44% of households between the ages of 55 and 64 considered themselves pre- or post-retirees last year, the survey found.
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Elizabeth Gavino, who owns insurance consulting firm Lewin & Gavino, said she saw a 30% increase in client inquiries about retirement plans in 2020, many of which came to fruition.
"Usually I have peaks and valleys within my business because summertime is slow, Medicare open enrollment isn't until the end of the year, and I'll have some clients aging into Medicare or some career changers," she said. "…Last year, it was nonstop. I had no breaks. It was a constant barrage of calls and new clients. I had a banner year last year."
Many people were furloughed and decided not to go back to work; others realized they did not enjoy their jobs as much during the pandemic and decided not to look back. People expressed disinterest in commuting every day and fears of the virus. Others expressed the desire to stay home after many companies and businesses switched to work-from-home models, Gavino said.