Retired on concerns about the old American economy, falling down the road and their own financial readiness to retreat from work.
This is according to a new survey From F&G annuals and life, which chose 2,000 American adults over 50 years of age. Life Insurance and Annuits Company found that 23% of people have already decided to delay their retirement as they struggle with questions about their financial readiness in 14% in 2024.
Conclusions come at a time when the average savings of children of 55 years are just $ 50,000, enough to fund a safe aging, Another recent study By Prudential Financial.
The F&G Survey provides a snapshot in the thinking of General X, which is at the age of 45 to 60, whose oldest members are now entering the years of their retirement years. Average retirement age There is 62 in the United States, which is also the earliest age, on which people can start claiming social security benefits.
Now a person waits to claim social security, the more benefits will be received from the program. The full retirement age is 67 for those born in 1960 or later, at which the workers can get their full benefits. Those who delay in claiming up to the age of 70, however, can get another 24% boost for their monthly check.
Between 23% in F&G study, which plan to delay claims on their social security benefits, cited half financial uncertainties or economic instability, the reason for their decision to delay retirement – an increase of 10% from last year. Forty percent stated that they were concerned about inflation, while 34% indicated that they were concerned about recession or stock market recession.
According to David John, a senior policy advisor in AARP, he is not the only one. Most Americans around the retirement age are uncertain whether they would have enough money to make it through retirement as they fret over inflation and uncertainty of the general economy, they told CBS Manivatch.
Along with those lines, Johns said that they have also seen that people are cutting back on their retirement saving or withdrawing money from retirement saving to deal with unexpected costs or inflation pressure.
“Of course, it helps in a short time, but it means that you have more people who are worried that they start to start for retirement,” he said.
Unlike 401 (K) S and other retirement accounts, social security benefits are protected from inflation because the agency is an institution of a cost-living adjustment each year, John said. To protect the disruption of retirement plans, John suggests that people consistently put money – even if it is just a small amount every month.
“Save and continue to save,” he said. “Because any amount of retirement is going to be better than the saving of retirement.”
