"Who needs income if you have wealth?" ask Bank of America economists Stephen Juneau and Aditya Bhave, seeking to explain a precipitous drop in workforce participation by older workers.
The share of people aged 55 and over in work has shrunk from more than 40% before the pandemic to 36.9% as of July. The trend has picked up in the past two years, during which time the S&P 500 has soared nearly 40%. "The resulting surge in wealth has likely made retirement an easier choice for many," Juneau and Bhave write.
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