A growing number of Americans are rethinking when they’ll retire, as financial uncertainty pushes many to delay plans. A new survey from F&G Annuities & Life reveals that nearly 1 in 4 pre-retirees, 23 percent, are planning to retire later than expected, up significantly from 14 percent last year.
Concerns fueling this shift include fears about insufficient retirement savings, the desire for more financial flexibility, inflation, and worries over a potential market downturn.
The pressure isn’t just on those nearing retirement. According to the same poll, nearly 30 percent of Americans overall are considering going back to work. The percentage is even higher among early retirees from Generation X, where 54 percent are open to rejoining the workforce. Among baby boomers, that figure is 28 percent.
“The current economic environment is creating significantly more stress and uncertainty for younger American investors, leading many to rethink their timelines for retirement, as our third annual study shows,” said Chris Blunt, CEO of F&G.
He emphasized that this trend is reshaping retirement for many: “This shift means Americans near and in retirement are more likely to be working longer or delaying retirement altogether.”
Blunt added that in light of this, reliable financial tools are becoming more critical: “Amid this dynamic, the need for guaranteed income from products like annuities becomes increasingly important to maintain a quality of life they are accustomed to through retirement.”
The survey polled 2,000 U.S. adults between May 9th and May 26th.
