Against expectations, covid-19 retirees are returning to work

On september 11th Tom Brady marked his “unretirement” from America’s National Football League, guiding the Tampa Bay Buccaneers to a decisive win over the Dallas Cowboys in their first game of the season. Mr Brady, probably the greatest quarterback in history, had earlier this year announced that he was retiring, only to change his mind a few weeks later. The 45-year-old athlete is, it seems, not the only one who cannot bring himself to give up the grind. Across the rich world, old folk are flocking back to work.

It is quite a turnaround. When the covid-19 pandemic struck in 2020, many people already close to retirement brought the date forward. Using data from a variety of sources, we estimate that the rich world’s labour-force participation rate for people aged 65 and over crashed that spring (see chart). This represented a relatively larger decline than for people of working age. Like everybody else, some oldies were fired as demand dried up. In addition, though, they…

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This article was written by and originally published on www.economist.com