
Nearly 1 in 4 Americans over 50 are delaying retirement due to economic concerns, survey finds
The survey, conducted by ROI Rocket for F&G Annuities & Life, polled 2,000 U.S. adults aged 50 and older who are financial decision-makers and have at least $100,000 in financial savings. Of this group, 23 percent said they are delaying their planned retirement date — a figure that shot up 14 percent from 2024.
Half of the respondents cited economic volatility as the reason for considering pushing back their retirement. Last year, only 40 percent said the same, according to the survey.
Asked why they plan to push back their retirement plans, 44 percent of respondents said they were concerned about inflation, 34 percent said they were worried about a recession, the survey found. Meanwhile, 48 percent voiced they were worried they won't have enough money for retirement and 42 percent said they wanted a larger safety net.
The survey was taken in May, just one month after President Donald Trump's 'Liberation Day' tariffs rocked the stock market. The market tanked after the president unveiled an across-the-board tax on all imported goods purchased by Americans. Days later, he announced a 90-day pause on the levies, prompting the market to surge. Now, Trump has threatened to impose tariffs once again, with many expected to go into effect on August 1.
Meanwhile, 29 percent of retirees are considering returning to work, according to the poll. That figure increases with age; 28 percent of retirees in Baby Boomers, those aged 61 to 80, are weighing 'unretiring' compared to 54 percent of retirees in Gen X, those aged 45 to 60.
The group cited both personal finances and economic turbulence as to why they are considering rejoining the workforce. About one-third cited not wanting to feel a lack of purpose as their reason for returning to the workforce, while 36 percent said they are worried about inflation, down from 44 percent last year.
"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," Chris Blunt, CEO of F&G, said in a statement.
The earliest age one can file for social security retirement benefits is 62, but waiting longer to file leads to larger monthly payments, according to AARP. These benefits are designed to be largely resistant to inflation due to cost-of-living adjustments. To be safe, saving anything, even small amounts, if possible, David John, a senior policy adviser at AARP, told CBS News.
"Save and continue to save," he told the network. "Because any amount of retirement savings is going to be better than no retirement savings."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Independent
a minute ago
- The Independent
Exclusive: Trump admin seeks new jet to shuttle around Attorney General Pam Bondi and FBI Director Kash Patel
The FBI is seeking an ultra-long-range business jet to fly agents and other bureau personnel to far-flung global locations for counterterrorism response, 'high-risk operations,' and other 'sensitive missions,' according to a tranche of federal procurement documents reviewed by The Independent. Alongside the government's request for proposals, a related statement of objectives says the aircraft 'will also support executive transportation requirements for the FBI Director and the U.S. Attorney General,' namely, Kash Patel and Pam Bondi, who have both faced withering scrutiny in recent weeks for their handling of the fallout from the Epstein files. . The plane will be required to fly at speeds of Mach 0.83 or higher, with Mach 0.85 listed as 'preferred.' It must have a minimum range of 7,000 nautical miles, be able to seat at least 12 passengers, three crew, and 1,000 lbs. of cargo, the RFP states. That means the feds need something along the lines of a Gulfstream G800, which seats 19 and can travel 7,000 nautical miles at Mach 0.90, or a Bombardier Global 8000, which seats 19 and can travel 9,000 nautical miles at Mach 0.94. The RFP, which was issued July 11, says the bureau will lease the aircraft for an initial one-year period, with the possibility of four one-year extensions, after which the government will have the option to purchase the jet outright. No prices are included in the documents, but the G800 starts at about $72.5 million, while the base model Global 8000 lists for roughly $78 million. A Department of Justice spokesperson did not immediately respond Wednesday to a request for comment. Craig Holman, a governmental ethics and campaign finance expert at Washington, D.C. watchdog nonprofit Public Citizen, says the expenditure shows the Trump team going against its relentless claims of 'cost-efficiency.' 'For an administration that wants to put on a veneer of cutting waste, fraud and abuse in government spending, it sure doesn't have any qualms when it comes to lavish spending on expensive new jets and other luxuries for itself,' Holman told The Independent. This will be the third luxury aircraft so far being budgeted for travel by cabinet officials and the president, according to Holman. 'There is the extravagant Boeing [747] being bought from Qatar for Trump, a Gulfstream IV luxury jet for Homeland Security Director Kristi Noem, and now, an opulent long-range jet for FBI Director Patel and Attorney General Bondi for their traveling comfort. Meanwhile, the administration is slashing spending on health care, education and worker safety for the rest of us.' The successful bidder will deliver the private jet to the FBI's Aviation Operations Hangar at the Manassas Regional Airport in Manassas, Virginia, by next summer. 'The aircraft shall be fully mission operational and flight-ready, with all required Government-installed modifications (including secure communications suite), no later than June 24, 2026,' the RFP tells prospective sellers. In addition to hardened comms, the cabin must have two lavatories, one crew rest seat, one galley with microwave, coffee maker, refrigerator, sink and ice and beverage storage, according to the request. The bureau's 'preferred' features include four 'cabin zones with solid dividers, and a 'dedicated crew rest area with layflat seats/bunk,' it says. As far as cosmetics go, the aircraft's interior components – seating, cabinetry, flooring, lighting – must be in 'good condition, with no excessive wear, staining or damage,' the RFP states. Before delivery, the request says the jet 'shall be thoroughly cleaned inside and out,' and exterior paint 'shall be free of major defects, corrosion, or significant fading.' Further, the plane should have less than 2,500 hours of flight time, and be less than five years old. The contractor will be responsible for all scheduled and unscheduled maintenance, to be conducted at FAA-approved facilities, according to the RFP. The FBI will oversee minor routine tasks such as tire and fluid replacement, as well as 'minor repairs.' The flight crews will be provided by the FBI, which will 'maintain sole operational control,' the RFP states, adding that the bureau is self-insured up to $5 million for all flight operations. ' In excess of this limit, [the] FBI will seek Congressional appropriations,' the RFP says. The FBI paid $2.4 million to lease a Gulfstream V for six months in 2016, after a procurement process marked by numerous deficiencies, according to an audit the following year by the DOJ's Office of the Inspector General. In the six months since President Trump began his second stint in the White House, the administration has, among other things, decimated school lunch programs, thrown millions off of Medicaid, and enacted tax cuts that will boost incomes for the wealthy while raising taxes on working Americans.


Reuters
2 minutes ago
- Reuters
Apple cites Supreme Court's birthright ruling in fight over Epic Games injunction
July 23 (Reuters) - Apple (AAPL.O), opens new tab is hoping a new U.S. Supreme Court ruling curbing the power of federal judges to issue nationwide orders will help the technology giant win an appeal in a lawsuit requiring it to revamp its lucrative App Store. In a court filing, opens new tab on Tuesday, Apple told the San Francisco-based 9th U.S. Circuit Court of Appeals that the Supreme Court's June order in a case involving birthright citizenship bolsters the iPhone maker's arguments in a high-stakes standoff with 'Fortnite' game developer Epic Games. The Supreme Court limited when judges can issue so-called universal injunctions that apply broadly, and not just to the parties in a lawsuit. The justices did not rule on whether the Trump administration can legally terminate the right to citizenship for people born on U.S. soil, but the decision was a win for the administration, which had complained about individual lower courts blocking its policies nationwide. Even though the case at the high court had nothing to do with Apple, its appeal could test the scope of the justices' ruling. Apple and Epic did not immediately respond to requests for comment. Apple in its appeal is challenging a U.S. district judge's order in April that said the company must open its App Store to more competition, allowing all developers — not just Epic — more freedom to steer consumers to alternative payment options outside of an app. The appeal also challenges the judge's finding that Apple was in contempt for violating a prior injunction in the same case. Epic Games sued Apple in 2020 to loosen its control over transactions in applications that use its iOS operating system and how apps are distributed to consumers. U.S. District Judge Yvonne Gonzalez Rogers in 2021 said Apple must allow developers to more easily steer consumers to potentially cheaper non-Apple payment options. Apple defied that court order to maintain a revenue stream worth billions of dollars, Gonzalez Rogers ruled in April. Apple has denied any wrongdoing, and defended its compliance with the court's orders. Apple told the 9th Circuit that, after the Supreme Court's birthright citizenship decision, judges no longer have freestanding authority to issue universal injunctions. Apple also noted that Epic pursued its lawsuit on its own, not as a class action on behalf of a larger group. Epic told the appeals court in May that Apple's App Store changes will have wide-reaching benefits for the industry and consumers. 'The sky has not fallen. Instead, developers and consumers are finally beginning to see the long-awaited benefits of increased competition,' Epic said. The case is Epic Games Inc v. Apple Inc, 9th U.S. Circuit Court of Appeals, No. 25-2935. For Epic: Gary Bornstein and Yonatan Even of Cravath, Swaine & Moore For Apple: Gregory Garre and Roman Martinez of Latham & Watkins Read more: Apple, Visa and Mastercard win dismissal of merchant antitrust lawsuit over payment fees Epic Games settles lawsuit against Samsung over app controls Swiss privacy tech firm Proton sues Apple in US over app store rules Apple must face consumer lawsuit over iCloud storage, US judge rules


The Guardian
2 minutes ago
- The Guardian
Rachel Reeves seeks economic heavyweights as advisers reduce roles
In the run-up to her crunch autumn budget, Rachel Reeves will seek to recruit a heavyweight economic adviser after the role of John Van Reenen is reduced. Van Reenen, a well-respected professor from the London School of Economics (LSE) and an expert in productivity, has been chief economic adviser to the chancellor since Labour came to power. His role will be cut from three days to one a week as he returns to the LSE at the start of the academic year. Anna Valero, another member of Reeves's council of economic advisers, is also to depart. Treasury sources said that while Van Reenen's position was in theory part-time, his position at the chancellor's side through a tumultuous 12 months had meant working 'seven days a week'. Reeves is under intense pressure to respond to a deteriorating economic outlook with a fresh round of tax rises in her autumn budget. The chancellor has had a bruising few months after being forced to reverse her decision to remove the winter fuel allowance from most pensioners and take much of the blame from Labour's backbenchers for the botched £5bn in cuts to disability benefits. At a House of Lords committee on Tuesday, the chancellor placed Van Reenen's key insight – the need for higher investment to boost the UK's productivity – at the heart of her economic strategy. The chancellor told peers: 'The key problem is productivity and investment is the answer. Investment in human capital, investment in physical capital and also investment in new technologies. That's why the fiscal rules I set out do treat investment differently.' She declined to rule out taxing wealth more heavily, telling Lord Lamont, a former Conservative chancellor from the 1990s: 'This is, with respect, what you would have done and did do in my position: you rightly said that tax is a matter for a budget and we'll set out our policy then.' Treasury sources said Valero, also an LSE fellow, had always been expected to return to academia but would remain in touch with government, adding that Valero and Van Reenen had worked on key policy announcements, including the industrial strategy and the spending review, which had now been completed. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion A Treasury spokesperson said: 'John and Anna have provided invaluable leadership to the chancellor and will continue to do so in their new capacities.' Whitehall insiders said as lead adviser on industrial strategy, Valero's departure risked leaving the policy without a powerful champion in the Treasury, which could make it tougher for departments tasked with grabbing the chancellor's ear to ensure the policy was implemented effectively. Meanwhile, some Labour veterans have long warned that Reeves lacks a powerful enforcer who can impose the Treasury's will across Whitehall, pointing to the role played by Ed Balls when Gordon Brown was chancellor, and to that of Rupert Harrison, George Osborne's chief economic adviser. Van Reenen's departure comes as Keir Starmer is beefing up his own economic expertise. For some time No 10 has wanted to recruit an economic adviser to provide a counterweight to Treasury dominance in economic policymaking.