A report from the Schwartz Center for Economic Policy Analysis at The New School found that 2.9 million workers ages 55 to 70 have left the labor force since March.
"These workers are at risk of having to retire involuntarily due to increased health risks coupled with decreased job prospects," according to the study.
Researchers note that if these exits continued at the same pace over the ensuing three months, an additional 1.1 million workers in this age group may leave the workforce. That would be a total of 4 million people potentially pushed into retirement due to the pandemic's related economic downturn.
The effect is concentrated in the public sector states where early retirement options are more favorable. Hence, California is hit the hardest, and will demand more revenue sharing. The smaller states will demand bigger earmarks to bailout the problem. Even this little fix is impossible much less the larger bailout proposals.
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