Almost 1 in 4 delaying retirement over economic concerns: Poll
The Wednesday poll from F&G Annuities & Life, an insurance provider based in Des Moines, Iowa, found that almost 1 in 4 — 23 percent — pre-retirees said that they are pushing back their retirement date, a nearly 10-point increase from last year when it was around 14 percent.
Some concerns respondents listed for delaying retirement were worries about not having enough money for retirement, wanting to have more financial options and a larger safety net, inflation and potential stock market downturn.
Nearly 1 in 3 Americans, at 29 percent, said they are considering returning to work. The figure increases to 54 percent when surveying younger or early retirees in Generation X. Among Baby Boomers, it is at 28 percent, according to the survey.
'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, the CEO of F&G, said in a statement.
'This shift means Americans near and in retirement are more likely to be working longer or delaying retirement altogether,' Blunt added. '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 poll was conducted from May 9-26 among 2,000 U.S. adults.
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