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CIO explains why older Americans aren't working

STORY: "I mean, you've got an eight percent increase in social security, peoples' portfolios and retirement plans may be better off than they thought and... there's about $1.7 trillion worth of excess savings still, [so] people are reasonably flush with cash."

Added Pence, "COVID taught people something about living - don't put stuff off." As a result, he says, Americans have shifted their spending toward travel and leisure.