Half of pre-retirees in the U.S. are considering delaying or coming out of retirement and 44% have already done so, according to a new survey from insurance solutions provider F&G Annuities & Life, Inc.
Respondents to the survey, who included Americans ages 50 and older who own over $100,000 in financial products or savings, are saying they enjoy the “intellectual stimulation” they receive from working (50%), while others believe work gives them a lack of purpose in their lives (36%).
Of those aged 60 to 69, 50% are considering either returning or have returned to the workforce, found F&G Annuities & Life.
“Amid inflation, changing workforce dynamics post-COVID, and overall generational shifts, Americans are rethinking retirement and extending their time working or, for some retirees, unretiring altogether,” said Chris Blunt, president & CEO of F&G. “While it’s understandable that those facing financial challenges would consider such steps, it’s interesting to see our survey findings underscore how much generations like Baby Boomers are reconsidering what retirement looks like and what’s important to them such as finding personal fulfillment and intellectual stimulation.”
According to F&G Annuities & Life, among pre-retirees, 64% are considering or have taken action to delay their retirement due to financial concerns regarding longevity risk (52%), inflation (51%), and the desire to have more financial options and a larger safety net (43%).
Other pre-retirees chose to stay in the workforce for non-financial issues, such as loving their job (29%) or wanting “intellectual stimulation” from their work (27%).
Close to half of respondents do not use an advisor, with 59% of Gen Xers currently not working with one, according to the survey. Of those who are pre-retired, respondents without a financial professional are more likely to worry about having enough money and inflation compared to those who work with one. Additionally, 36% of respondents working with a financial professional owned an annuity, relative to 14% of those who do not use a financial professional.
SEE ALSO:
- Americans In the Dark With Longevity Literacy
- Over Half of DC Investors Lack Longevity Literacy: Nuveen
- Americans Score Low on Longevity Literacy
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
