US Politics
Nearly 1 in 4 Americans over 50 are delaying retirement due to economic concerns, survey finds
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About one-quarter of Americans over the age of 50 have been pushing back their retirement plans due to economic uncertainty and their financial readiness, a new survey finds.
The survey, conducted by ROI Rocket for F&G Annuities & Life, polled 2,000 U.S. adults aged 50 and older who are financial decision-makers and have at least $100,000 in financial savings. Of this group, 23 percent said they are delaying their planned retirement date — a figure that shot up 14 percent from 2024.
Half of the respondents cited economic volatility as the reason for considering pushing back their retirement. Last year, only 40 percent said the same, according to the survey.
Asked why they plan to push back their retirement plans, 44 percent of respondents said they were concerned about inflation, 34 percent said they were worried about a recession, the survey found. Meanwhile, 48 percent voiced they were worried they won’t have enough money for retirement and 42 percent said they wanted a larger safety net.
The survey was taken in May, just one month after President Donald Trump’s “Liberation Day” tariffs rocked the stock market. The market tanked after the president unveiled an across-the-board tax on all imported goods purchased by Americans. Days later, he announced a 90-day pause on the levies, prompting the market to surge. Now, Trump has threatened to impose tariffs once again, with many expected to go into effect on August 1.
Meanwhile, 29 percent of retirees are considering returning to work, according to the poll. That figure increases with age; 28 percent of retirees in Baby Boomers, those aged 61 to 80, are weighing “unretiring” compared to 54 percent of retirees in Gen X, those aged 45 to 60.
The group cited both personal finances and economic turbulence as to why they are considering rejoining the workforce. About one-third cited not wanting to feel a lack of purpose as their reason for returning to the workforce, while 36 percent said they are worried about inflation, down from 44 percent last year.
“The current economic environment is creating significantly more stress and uncertainty for younger American investors, leading many to rethink their timelines for retirement as our third annual study shows,” Chris Blunt, CEO of F&G, said in a statement.
The earliest age one can file for social security retirement benefits is 62, but waiting longer to file leads to larger monthly payments, according to AARP. These benefits are designed to be largely resistant to inflation due to cost-of-living adjustments. To be safe, saving anything, even small amounts, if possible, David John, a senior policy adviser at AARP, told CBS News.
“Save and continue to save,” he told the network. “Because any amount of retirement savings is going to be better than no retirement savings.”
