You’d think that after nearly 50 years of working in the corporate world, you’d be able to stop at the retirement age. However, in the United States, this is no longer the case. Results of a recent study show that nearly one in four Americans plans to delay their retirement to continue working for a bit longer. Continue reading to learn more about it.
Nearly a quarter of Americans over 50 don’t want to stop working… yet!
According to a study by F&G Annuities & Life, nearly one in four Americans over 50 are delaying their retirement. This is an increase of more than 60% from the previous year. If you thought this was bad, then the following numbers will stun you even more. Around 70% of the pre-retirees are thinking about delaying the day they will retire! The current Full Retirement Age in the US, to receive all Social Security benefits, is 67.
Why Are These People Delaying Their Retirement?
During the study, they also asked why these people were thinking about delaying their retirement or what caused them to do so already. Half of the people gave the same answer as their main reason for considering the delay. The reason was “Financial uncertainties”.
Most of these people would either not have enough retirement funds or wouldn’t be able to save more in the years they still have left, while others are afraid that inflation and living costs will go up even more, making the average retirement payments not enough to support their living expenses.
Retired people back on the workfloor?
It has even gotten so bad that one-third of the retired community in the United States is considering going back to work. They’re afraid that their retirement payments won’t be enough to keep up with the rising living costs in the United States. According to a study done by Prudential Financial, the average 55-year-old employee has only around $50,000 saved, which is just $10,000 over the average yearly income. This is not enough to supplement their income if costs keep rising.
