More boomers retired in 2020 than any other year

With the pandemic causing unprecedented spikes in unemployment, many boomers have chosen to retire rather than remain in the workforce. In Q3 2020, 28.6 million boomers (born between 1946 and 1964) reported being retired, 3.2 million more than in Q3 2019, according to a November report from the Pew Research Center.

The number of recent retirees doubled year over year, up from 1.5 million. It’s also the highest number of boomers to retire in a single year so far.This year’s increase brings the total share of retired boomers to 40%.

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