America's new retirement age is 62. It could change the entire economy

Just 50.1% of Americans expect to work beyond age 62, according to a July survey conducted by theBank of New York. That's down from 51.4% in March and marks the smallest share since the Fed's survey began in 2014.

More than one million older workers have exited the workforce since Covid struck the US in March 2020. Factors driving the mass exodus — deemed the"For some, the risk of catching the coronavirus countered the desire to keep working. Roughly 1.5 million Americans cited Covid-19 asin August. That count held flat from July levels.

For all workers, the average 401 balance rose 24% to $129,300 from the year-ago period, Fidelity said. The average IRA balance climbed 21% to $134,900.Unlocking the 'golden decade'For one, it freed up younger baby boomers to better enjoy their 60s .

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