The pandemic has changed when Americans expect to retire

A retirement savings crisis may be looming in the United States but it doesn’t appear to be forcing people to consider working full-time into their old age.

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. A retirement savings crisis may be looming in the United States but it doesn’t appear to be forcing people to consider working full-time into their old age. By the end of the decade, about 21% of the population will be 65 or older, up from 15% in 2016, according to forecasts by the Census Bureau. Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. In fact, researchers found that since the pandemic, workers have reported much lower expectations of working full-time beyond ages 62 and 67 (the latter is the retirement age for full Social Security benefits). Surprisingly, they found that the decline is particularly notable for lower-income and female workers. What’s happening: The pandemic ushered in the great resignation. Almost 50 million people quit their job in the two years following the worst of Covid-19, citing pressures such as burnout, general job dissatisfaction or child care or elder care needs. Amid a tight labor market, many were also able to find a better job, with better pay.