Survey data released Wednesday F&G Annuity & Life Company Shows that economic realities and other considerations are prompting Americans to delay or retire from retirement.
F&G’s new Retirement Reconsidered survey, which sampled 2,048 respondents aged 50 and older in May, found that 51% of this group are considering reentering the workforce or delaying retirement plans.
Despite recent economic headwinds such as stock market growth and falling inflation, most pre-retirees surveyed reported feeling anxious. 68% of those who have not yet retired said they have postponed or are considering retirement plans, up from 64% last year.
The trend is even more pronounced among Gen Half of Gen Xers said they would be more likely to work in a different industry if they came back.
“As Gen This includes working with a financial professional and considering products such as Fixed Indexed Annuities (FIA) and Registered Index-Linked Annuities (RILA), which can offer a combination of upside potential and downside protection.”
Forty-nine percent of pre-retirees and 44 percent of retirees cited inflation as the most common reason for a potential or actual change of course.
“This continues to be a challenging macroeconomic environment for those approaching or approaching retirement,” said F&G CEO Chris Blunt. “As our survey shows, Americans are still reconsidering what retirement means for them. What, this might be different from previous generations.
“We believe that taking a proactive approach to financial planning can help mitigate some of the financial risks, allowing people to focus on their own personalized roadmap of how and when to retire.”
It is important to note, however, that economic factors are not the only issue. One-third of respondents who have postponed or are considering delaying retirement said they did so “because they love their job.” Among those who have retired, 45% said they would consider changing course because “they enjoy the challenge of work.”
Seven out of 10 people seek advice when changing routes or are considering changing routes. But spouses were the most common source of advice among this group, with only 16% discussing their plans with a professional financial advisor.
A reverse mortgage professional may also need to be involved in the conversation. in May, American Financial CEO Steve Resch told house lineFinancial planners are becoming more receptive to the concept of reverse mortgages, according to Reverse Mortgage Daily. One reason is the need to manage clients’ long-term care costs – which can be affected by inflation.
“Customers are very hesitant to pay for insurance solutions, which can be very expensive — we’re probably paying $10,000 to $15,000 a year for insurance solutions,” Resch said.
