Retirement responses to the COVID-19 pandemic varied somewhat by earnings, based on monthly earnings from wages, salary, tips and self-employment in January 2020. SIPP respondents who earned the least were more likely to say that they moved up their retirement or planned retirement than that they delayed retirement.
Among the first quintile (the lowest earners), 3.4% said they planned to retire early compared to 1.8% who said they would delay retiring. In the second quintile, the difference was 3.7% and 0.9%, respectively.
Differences among higher earners (the third, fourth and fifth quintile) were not statistically significant.
Article and Information Courtesy of The U.S. Census Bureau