Retiring during the best of times can be nerve-wracking, but economic uncertainty significantly amplifies those fears.
In this time of economic turbulence, many pre-retirees are taking a second look at whether it makes sense to begin their golden years anytime soon, according to the latest annual Retirement Reconsidered survey from F&G Annuities & Life.
The life insurance and annuities company’s survey of 2,000 adults aged 50 and older found that 23% of pre-retirees said they are definitely pushing back their planned retirement date. That’s up sharply from 14% in 2024.
Overall, 70% of pre-retirees surveyed are at least considering delaying retirement. Those who are thinking of a delay cited the following concerns:
- Worries that they won’t have enough money for retirement: 48%
- Worries about inflation: 44%
- A desire for more financial options and a larger safety net: 42%
- Worries about a recession/stock market downturn: 34%
In addition, many of those who already are in retirement are now having second thoughts. Nearly one-third — 29% — said they are considering going back to work.
Among early retirees who belong to Generation X, 54% are considering a return to the daily grind. Of retired baby boomers, 28% said they’re contemplating going back to work.
Half of respondents to the survey said financial uncertainties and economic volatility are pushing them to delay or reconsider retirement. That’s a 10% increase over the number of people who cited those reasons in 2024.
Americans aged 50 and older also gave themselves low marks in terms of their financial readiness for retirement. Just 26% gave themselves an A, and 32% gave themselves a C or below.
Financial factors aren’t the only reasons some retirees consider going back to work. Just over 40% said they like the intellectual stimulation they get from working.
There’s also the need to maintain personal fulfillment and social connections.
When asked to grade social connections in retirement, 22% give themselves an A, while 41% say the grade is C or lower.
About 28% of those who are retired gave themselves an A for the sense of personal fulfillment they feel. Another 28% chose a grade of C or lower.
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