Industry News

Recently, the Center for Retirement Research (CRR) at Boston College published its issue brief, Did COVID Alter Employment Trends for Older Workers? CRR studied data regarding employment trends for older workers using the Current Population Survey from 2016 to 2025. The time period studied covered about four years before and after the COVID-19 pandemic. The analysis examined the data for all older workers as well as data based on different demographic characteristics. 

The key findings include:

• The employment rates for older workers were significantly reduced when the COVID-19 pandemic occurred.
• As a result, many policymakers were concerned that older workers may be required to take an early retirement.
• However, employment for those workers age 55 and over has fully recovered to the pre-pandemic level, while accounting for population aging.

In addition, the brief indicates there are some important differences to note for various demographic groups. It states, “Those most affected by the early stages of the pandemic – especially Black and Hispanic individuals – are working more than prior to COVID. The reverse is true for many other groups, especially workers ages 70+. As Social Security’s looming financial shortfall makes the topic of working longer more salient, a better understanding of these changes – and how likely they are to be permanent – is important.”

The brief concludes, “Future research should consider why these different patterns are occurring, given that all workers have faced a tight labor market in the post-pandemic years. It will also be important to consider what would happen to older workers’ employment should the tight labor market that has followed the pandemic come to an end.

The report is available here.