As Retirement Approaches, Gen X Workers Are Worried
More are reporting that they have pushed back the date they plan leave the workforce.
When clients ages 50 through 59 give you an intended retirement year, you might want to add some padding.
About 71% of the working investors in that age group told a survey team in May that they have delayed or are thinking about delaying their retirement.
The percentage of older Generation X investors who are at least thinking about putting off retirement increased from 65% in 2024.
F&G Annuities & Life included the retirement data question in its latest risk tolerance tracker survey.
The survey was conducted in May and included a sample of 2,048 U.S. adults. Most participants were ages 50 and older with at least $100,000 in financial products or savings.
One sign that the retirement data uncertainty relates to worry, rather than a love of work, is that the Gen X survey participants who may retire later than originally planned were much more likely to cite financial concerns than work positives as a reason.
Roughly 55% of the retirement postponers agreed that fear of running out of money in retirement was an important reason, and 47% identified fear of inflation as a deciding factor.
Only 32% said they may retire later because they enjoy the stimulation from working.
Retired survey participants ages 60 through 78 who were thinking of returning to work seemed to be more confident about their finances: They were less likely to cite fears as reasons and more likely to cite the benefits of working.
For 47%, inflation was a top driver, and for almost as many, 46%, hunger for intellectual stimulation was an important factor.
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