How have older workers fared during the COVID-19 recession?

Abstract

The brief's key findings are: While older workers have not been disproportionately affected by the COVID-19 Recession, they - like their younger counterparts - have experienced layoffs. This study reports the prevalence of the job exits and retirements and how they vary by earnings level, using data from the Current Population Survey. The analysis focuses on two age groups (50-61 and 62+) and compares the patterns to the Great Recession and the pre-COVID economy. Not surprisingly, low earners are hit harder by recessions. And, as a group, low earners did slightly worse during the COVID Recession than the Great Recession. Interestingly, the high earners ages 62+ were more likely to exit a job and to retire outright in the COVID Recession than they were in the Great Recession.