Older workers without a college degree are more likely to be forced into retirement: Share of retired older workers who retired involuntarily, by educational attainment and age (2014–2018 pooled data)
| Involuntary retirement rate | |
|---|---|
| No college degree | 58.6% |
| Bachelor’s degree or more | 43.2% |
| No college degree | 47.5% |
| Bachelor’s degree or more | 41.0% |
Notes: The sample includes individuals who reported being retired in the current survey but working as employees in the previous one. Involuntary retirement is defined as retirement preceded by poor health or disability (including poor mental health or stress); by a layoff, business closure, or ownership change; or by changes in working conditions or compensation.
The sample includes individuals who reported being retired in the current survey but working as employees in the previous one. Involuntary retirement is defined as retirement preceded by poor health or disability (including poor mental health or stress); by a layoff, business closure, or ownership change; or by changes in working conditions or compensation. The share of workers who retired involuntarily would be higher if it included workers who retired for caregiving reasons, but the survey questions do not differentiate between workers who retired when faced with caregiving responsibilities and those retirees who simply wanted to spend more time with family. Workers are represented by a union if they are union members or if they are not members but report that they are covered by a union contract. Self-employed workers are assumed to not be unionized.
Source: Economic Policy Institute (EPI) and Schwartz Center for Economic Policy Analysis (SCEPA) analysis of Health and Retirement Study data (RAND 2022; University of Michigan 2022).