Photo: Nora Carol Photography / Moment / Getty Images
More Americans are choosing to delay retirement due to economic worries and financial readiness, according to a recent survey by F&G Annuities and Life. The survey, which polled 2,000 U.S. adults over 50, found that 23 percent have decided to postpone retirement, up from 14 percent in 2024. This trend reflects growing concerns about inflation, economic volatility, and insufficient savings.
The median savings for 55-year-olds is reported to be around $50,000, which many experts consider inadequate for a secure retirement. As a result, more individuals are opting to work longer to bolster their financial security. Additionally, delaying retirement can lead to higher Social Security benefits. Those who wait until age 70 to claim benefits can receive a 24 percent increase in their monthly checks compared to claiming at the earliest eligible age of 62.
David John, a senior policy adviser at AARP, noted that many Americans nearing retirement age are uncertain about their financial future due to inflation and economic instability. He emphasized the importance of consistent saving, even in small amounts, to prepare for retirement.
The trend of delaying retirement is also linked to a shift in Social Security benefit claiming strategies. More individuals are choosing to claim benefits at later ages, as reported by Social Security Report. This change in approach highlights the increasing focus on maximizing benefits and ensuring financial stability in retirement.