A new survey shows that 70% of workers aged 50 and older have either postponed retirement or are considering delaying it due to ongoing economic uncertainty and financial insecurity.
According to insurance and annuities company F&G Annuities & Life, which surveyed 2,000 adults over 50, 70% of respondents said they had already delayed their retirement plans or were weighing the decision. Of that group, 23% confirmed they have postponed retirement, a figure that has risen by 14 percentage points from last year.
Among those delaying retirement, 50% cited financial uncertainty and economic volatility as their main reason, up 10 percentage points from the previous year. Concerns about running out of funds in retirement followed at 48%, while 44% pointed to inflation fears. Another 42% sought greater financial flexibility and safety nets, and 34% worried about potential recessions or stock market declines.
Economic pressures are also affecting those already retired. The survey found that 29% of retirees are considering reentering the workforce, driven by concerns about tariffs, rising prices, and economic instability. Early retirees from Generation X are most impacted, with 54% considering a return to work, compared to 28% of Baby Boomers.
The reasons for going back to work vary. 42% said they miss mental stimulation and challenges, while 40% want additional financial security, and 36% are concerned about inflation.
Chris Blunt, CEO of F&G, said the volatile economy is putting significant pressure on near-retirees, leading more to delay retirement or remain employed longer. He noted that these trends reflect how uncertainty is reshaping retirement decisions.
Confidence in financial preparedness remains low among respondents. 32% rated their retirement readiness as grade C or lower, while only 26% gave themselves grade A.
Concerns about rising costs are also prompting some pre-retirees to tap into their retirement savings earlier than planned. David John, senior policy advisor at the American Association of Retired Persons, said many older workers doubt they can save enough for retirement given inflation and uncertainty.
“More seniors are drawing down or reducing their retirement savings to cover unexpected expenses and inflationary pressures.”
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
