Affluent Americans Rush to Retire in New 'Life-Is-Short' Mindset

[Demovictory9]

Affluent Americans Rush to Retire in New ‘Life-Is-Short’ Mindset
The unprecedented surge in shares and home values during an economic crisis is easing the retirement path for those who have savings and investments.


Craig DiLorenzo in Chicago, on April 23. The former 3M Co. executive retired in March at 58. Photographer: Sebastian Hidalgo/Bloomberg

After a year of early-morning Zoom calls, the specter of a deadly virus and soaring stock and real estate values, working American baby boomers who can afford it plan to get out while the getting’s good.


About 2.7 million Americans age 55 or older are contemplating retirement years earlier than they’d imagined because of the pandemic, government data show. They’re more likely to be White, a group that typically has a larger amount of accumulated wealth, and many cite robust retirement accounts and Covid-19 fatigue for their early exit, according to interviews with wealth managers and federal surveys.


Much like the U.S. economy’s so-called K-shaped recovery, the pandemic is treating the affluent differently, empowering them to leave corporate life early. Others who lost jobs had to delay retirement, or grew discouraged and retired before they were ready.

Early retirements, whether desired or forced, will deprive the labor market of some of its most productive workers and have an impact on the economic recovery that is still too early to evaluate. Federal Reserve Chairman Jerome Powell this week cited a “significant number" of people saying they've retired as one reason companies are reporting labor shortages, although it's unclear if they'll eventually rejoin the job market.

In the Minneapolis area, Craig DiLorenzo, 58, is among those who chose to bow out, after a career at industrial giant 3M Co. Frustrated over 6 a.m. teleconferences, his thoughts turned to spending more time pursuing his outside passions, including volunteering with the Salvation Army. A scare with cancer five years ago made him reconsider his commitment to climbing the corporate ladder, and the last year stuck at home only reinforced those feelings, he said.

“It makes you think, ‘Does all this matter as much as you think it does?’” said DiLorenzo, who retired at the end of March.

https://www.bloomberg.com/news/articles/2021-04-30/more-americans-are-considering-retirement-because-of-covid

[dawg day]

1. Good... more room for younger people

I can't quit till years after 65 (pension won't vest till 2023), and I can't wait to turn the jpb over to someone at the start of a career, Not the end... it pays like entry level, aalso.

Selling the big family house is also good to keep things moving.

There's some belief that boomers are all flush with resources,but a lot are hanging on to house and jobs out if necessity.

[TxGuitar]

2. Still gotta find a way for health insurance. NT

[shanti]

6. I retired at 55

Former state worker, and health insurance was part of the bennies that came wih my pension. Yes, I consider myself very fortunate in that regard. If not for the free health insurance (which is still free with the Medicare payback), I'd had to wait until 65 to retire. My sister, who's not yet 65, has resorted to dipping into her 401k to pay for health issues. She has no pension.

[cinematicdiversions]

7. Yup that is the only reason I am working.

Well "working" in quotes cause I am at my job right now posting on here.

[Johonny]

3. I assume my work is heading for a massive post Covid retirement boon

It's really already started, but it will get worse. I figure by 2022 I might be the senior person in my area.

[captain queeg]

4. Companies complain about early retirements causing a labor shortage

On the other side of that coin they don’t want to hire older workers. I think many of us have run into that. I retired early due to health issues and that’s pretty common. All in all I’m glad to be retired. I’m not living the high life but I have what I need and am grateful I was in a position to quit working. I kind of missed it for awhile, I’d spent my whole life working. But not anymore.

[DBoon]

5. I retired then my company hired someone half my age for half my salary

the problem is they had to hire two of them.

[Ron Green]

8. I think what's important is that retirees seek to make the world a little better if they can,

rather than seeking pleasurable diversions for themselves and their clan.

[demtenjeep]

9. 4 years BABY

counting down the years, days hours

[Gore1FL]

10. I'm closer to 5.

I have to admit, there is part of me that wants to pull the plug now and live a more frugal retirement life. As much as I hate working during the pandemic, though, I am not sure I want to retire into it, either.

[Jon King]

11. I worked from age 12 to age 52, then retired.

Started a little car washing business at age 12 after school and on weekends, worked various jobs and eventually started 2 other small businesses. No vacations, very cheap cars, saved every penny. Then just walked away at age 52 to become my daughter's full time tennis coach as she strives to go pro. Not for everyone, but 40 years of nose to the grind stone and sacrificing, now just enjoying the remainder of life.