And to add some more nuance to point 4: there were a LOT of people who could have retired years ago, but chose not to for various reasons. This was their reason. I've seen estimates as high as 2M extra people in the US have just flat out retired due to covid (some left under their own volition, some not - but few of them are coming back). This isn't just old people either - early retirees are a sizeable contingent here.