Survey Data Reveals Americans Rethinking Retirement Plans amid Economic Realities

Are Americans Rethinking Retirement Plans?

The idea of retirement has long been associated with relaxation, travel, and leisure. However, recent survey data released by F&G Annuities & Life Inc. suggests that economic realities and other considerations are causing many Americans to rethink their retirement plans.

According to F&G’s Retirement Reconsidered survey, conducted among a sample of 2,048 respondents ages 50 and older, over half of this cohort are either considering delaying their retirement or reentering the workforce. This trend is particularly pronounced among Generation X respondents, with 71% of those aged 50-59 having already delayed or thinking of delaying their retirement date.

The survey also found that inflation was a major factor influencing these decisions, with nearly half of pre-retirees and retirees citing it as a reason for changing course. This challenging macroeconomic environment has led many Americans to reconsider what retirement means to them and how they can best navigate their financial future.

While economic factors play a significant role in these decisions, the survey also revealed that personal fulfillment and enjoyment of work are important considerations for many individuals. One-third of respondents who have delayed or are considering delaying retirement stated that they love what they do for work, while 45% of retirees said they would consider changing course because they enjoy the challenge of working.

Despite these shifting attitudes towards retirement, the survey found that only 16% of individuals seeking advice on their retirement plans consulted with a professional financial adviser. This suggests that there may be a need for more comprehensive financial planning and guidance to help individuals navigate the complexities of retirement.

Reverse mortgage professionals may also play a role in these conversations, particularly as long-term care expenses become a growing concern for retirees. With the potential for rising costs influenced by inflation, exploring alternative financial solutions like reverse mortgages could provide a valuable option for managing expenses in retirement.

As Americans continue to reassess their retirement plans in light of economic uncertainties and personal preferences, seeking advice from financial professionals and exploring innovative financial products like fixed indexed annuities and registered index-linked annuities could help individuals create a personalized roadmap for their retirement journey. By taking a proactive approach to financial planning, individuals can better prepare for the challenges and opportunities that retirement may bring.