4 Ways Americans’ Retirement Plans are Changing

NerdWallet study highlights when—or if—they plan to retire, along with who’s not yet saving for retirement

Rising costs over the past year have forced many Americans to rethink when—or if—they plan to retire, according to a new study released Feb. 28 by personal finance website NerdWallet.

The study found that more than one in four Americans (27%) say they saved less than they normally would for retirement over the past 12 months due to inflation.

The  survey of more than 2,000 U.S. adults conducted online by The Harris Poll on behalf of NerdWallet, asked Americans about their retirement plans, including when they plan to retire and how their plans have changed over the past year. It also asked those who never plan to retire why they don’t think they’ll leave full-time work.

“For some who are getting close to retirement, high inflation, layoffs or other factors may have impacted their ability to retire on schedule,” says Alana Benson, a NerdWallet investing and retirement writer.

About one in eight Americans (13%) report contributing less to retirement investments over the past 12 months because those investments aren’t performing well.

Here’s a look at four key findings from the study shedding light on changing American attitudes toward retirement.

1. Planned retirement age has changed

Three in 10 Americans (30%) say their planned retirement age has changed over the past 12 months. Some Americans now plan to retire later than originally planned (16%), while others now plan to retire sooner (11%). And 2% of Americans say they had plans to retire, but now say they no longer plan to retire at all.

A recent GOBankingRates survey found roughly one in five (19%) Americans approaching retirement (ages 55-64) said they are delaying their retirement plans due to inflation.

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