Navigating Retirement Anxiety: Why Pre-Retirees Over 50 Are Still Concerned About Their Financial Futures
As the economy continues to thrive and the stock market reaches new heights, one would think that pre-retirees over 50 would be feeling more confident about their financial futures. However, a recent survey by F&G Annuities & Life reveals that the opposite is true. Despite the positive market tailwinds, 68 percent of pre-retirees are considering pushing back their retirement, with Generation X showing particular concern.
The survey, which polled over 2,000 Americans over age 50, found that almost half of pre-retirees over 50 who are considering delaying retirement are doing so because of inflation worries. This fear of rising costs is causing anxiety among this demographic, leading many to rethink their retirement plans.
Chris Blunt, CEO of F&G, acknowledges the challenges that pre-retirees face in today’s economic environment. He emphasizes the importance of taking a proactive approach to financial planning to mitigate economic risks and create a personalized roadmap for retirement.
Will Hackler, director of retirement plans at Integrated Partners, highlights the importance of saving as much as possible and spending as little as possible for those looking to catch up on retirement savings. Seeking guidance from a professional financial planner can help individuals navigate their financial goals and make informed decisions.
Michelle Cannan, head of company retirement plan services at Modern Wealth Management, points out that uncertainty about future unknowns, such as market volatility and tax rate hikes, can contribute to pre-retirees’ anxiety. Working with a Certified Financial Planner to outline goals, review expenses, and model different retirement outcomes can help alleviate these fears.
The survey also reveals that a third of those considering delaying retirement do so because they love their work and enjoy the intellectual challenge it provides. For retirees and those considering returning to work, the challenge and enjoyment of their job are significant factors in their decision-making process.
Overall, the survey highlights the complex emotions and financial considerations that pre-retirees over 50 are facing in today’s economic landscape. While the market may be performing well, individual circumstances and concerns about the future are driving many to reassess their retirement plans and seek guidance from financial professionals.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.