The pandemic caused tectonic shifts in the job market as workers young and old quit and searched for something better — in their work or in their life. According to the Pew Research Center, a little more than half of adults ages 55 and older had ditched the grind by late 2021, compared with 48% in the months before the first case of COVID-19 was recorded.
If you've spent the better part of your earthly existence punching a clock, you may be sorely tempted to join the throng of cool kids on the sidelines. And if you've been working for a company with 50 or more workers, chances are good that you've accumulated some retirement savings through a pension or retirement plan — especially if you've not spent your career in a service industry.
Experts caution, however, that the transition from a life of work to a life of leisure isn't simple, and that it's crucial to have a plan. David John, senior policy adviser for AARP's Public Policy Institute, said researchers have found that "people who do the planning and do budgeting end up with a much better retirement outcome than people who just wing it or use a rule of thumb."
