More than 3.1 million Americans age 55 or older plan to apply for Social Security benefits earlier than they once thought because of the pandemic, according to the Census Bureau. That's offset by 1.4 million people in the same age group who anticipate working longer due to the impact of Covid-19, according to the bureau's latest Household Pulse survey conducted between March 3 and 15.
The upshot is a net 1.7 million early retirements, which will likely mean more positions opening up for younger Americans.
Older workers—the so-called "baby boomers'' born in the two decades after World War II—have accounted for essentially all of the more than 17 million jobs created in the U.S. since 2000.
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