Half of older Americans are reconsidering their retirement status: survey
Survey data released Wednesday by F&G Annuities & Life Inc. shows that economic realities and other considerations are pushing Americans to delay or delay retirement.
F&G was recently released Pension Reconsidered surveyconducted in May among a sample of 2,048 respondents aged 50 and over, found that 51% of this cohort are thinking of returning to work or postponing their retirement plans.
Despite some recent economic headwinds in the form of stock market growth and declining inflation, the majority of early retirees surveyed report feelings of anxiety. Of respondents who have yet to retire, 68 percent say they have already postponed or are considering their plans, up from 64% last year.
This trend is even more evident among Generation Half of the Gen
“As Gen “Having the right advice and financial tools can help alleviate these concerns, including engaging a financial professional and considering products such as fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs) that offer a mix of can provide upside potential and downside protection. .”
Inflation was the most common reason for a potential or actual price change, cited by 49% of early retirees and 44% of retirees.
“This remains a challenging macroeconomic environment for those near or in retirement,” said Chris Blunt, CEO of F&G. “As our research shows, Americans are still rethinking what retirement means to them, and that may look different than previous generations.
“We believe that taking a proactive approach to financial planning can help mitigate some of the economic risks, allowing people to focus on their own personal roadmap of how and when to retire.”
However, it is clear that economic factors are not the only issues at play. A third of respondents who have postponed or are thinking about delaying retirement say they are doing so “because they love what they do for a living.” Of those already retired, 45% said they would consider changing course because they “like the challenge of working.”
Seven in ten people who have changed course or are considering doing so have sought advice. But spouses were the most common source of advice among this group, and only 16% discussed their plans with a professional financial advisor.
Reverse mortgage professionals may also need to be part of the conversation. In May, Finance of America director Steve Resch said HousingWire‘s Reverse Mortgages Every day, financial planners are becoming more receptive to the concept of reverse mortgages. One reason for this is the need to control long-term care spending for their clients – costs that can be affected by inflation.
“The customers are very reluctant to pay for an insurance solution, which can be very expensive – we could be talking $10,000 to $15,000 per year for an insurance solution,” Resch said.
