Millions of workers are confronting obstacles that are forcing them to put retirement dreams on hold, according to a new survey.
Overall, 38% of today’s workers now expect to retire later than they originally planned, financial firm John Hancock found in a recent survey of 3,825 of its plan participants. But for some people, this percentage is much higher.
Following are the types of workers who are especially likely to say they are putting their golden years on hold for longer than they would like.
4. People feeling stressed
Workers in this group who think they will now retire later than planned: 50%
High inflation, the possibility of a coming economic downturn and lingering angst over the COVID-19 pandemic have combined to increase stress among those in today’s workforce.
When anxiety runs high, working a few extra years and putting away more cash can feel like the prudent thing to do.
3. People with student loans
Workers in this group who think they will now retire later than planned: 51%
Student loan debt is crushing the financial hopes and dreams of millions of people.
If you are struggling with this form of debt, check out the tips in “11 Ways to Pay Off Student Loans Fast.”
2. People feeling poorly about their financial situation
Workers in this group who think they will now retire later than planned: 55%
These are tough times for household budgets. Prices on goods and services have soared over the past couple of years, and credit card debt — which briefly fell during the pandemic — is at record highs again.
Fortunately, there are almost always ways to improve your financial situation. And a great place to start is to learn about the “6 Things You’re Wasting Your Money On — and How to Stop.”
1. People with major debt
Workers in this group who think they will now retire later than planned: 63%
Debt is a major killer of wealth. If you are drowning in credit card debt or are underwater financially for other reasons, it is difficult — if not impossible — to retire with any peace of mind.
If you are struggling to get on top of debt, stop by the Money Talks News Solutions Center. There, you will find debt experts who can help turn things around.
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