Almost one-third of American retirees are considering “unretiring” — returning to work — and a similar percentage of investors give themselves poor marks on their financial readiness for retirement.
That’s according to a new survey by insurance and annuity provider F&G Annuities & Life, which also revealed that 70% of pre-retirees over 50 may push back their planned retirement date. That number is even larger than a similar finding in a new Nationwide survey, which reported that 40% of pre-retirees are considering delaying or modifying their planned retirement.
The F&G survey Retirement Reconsidered, now in its third year, investigated how current market conditions are affecting investor decisions prior to and in retirement.
Investors are increasingly worried about their financial readiness for retirement, causing many to consider delaying retirement, according to an F&G news release.
In fact, 23% of pre-retirees confirm they are delaying their retirement date, up sharply from 14% in 2024.
48% fear they lack sufficient funds for retirement.
44% are concerned about inflation.
42% would prefer to have more financial options and a bigger safety net.
34% fear a recession or stock market downturn.
“The current economic environment is creating significantly more stress and uncertainty for younger American investors, leading many to rethink their timelines for retirement as our third annual study shows,” F&G CEO Chris Blunt said in the release. “This shift means Americans near and in retirement are more likely to be working longer or delaying retirement altogether. Amid this dynamic, the need for guaranteed income from products like annuities becomes increasingly important to maintain a quality of life they are accustomed to through retirement.”
Investors were asked to grade their preparedness for or in retirement. According to the release, 32% gave themselves a C or below. Slightly more than one-quarter (26%) awarded themselves an A.
Despite low self-rating, 47% of Americans over 50 do not use a financial professional, an increase from 43% in 2024. And the numbers are starker for Gen X; 54% are not using a financial professional vs. 49% last year.
Among retirees, 29% are considering returning to work or “unretiring.” Among younger retirees in Gen X, 54% say they may unretire. However, only 28% of baby boomer retirees contemplate returning to work.
In fact, nearly a quarter (23%) of pre-retirees said they are definitely pushing back their planned retirement date, up 14% from 2024
Despite widespread thoughts of unretiring, only 15% of retirees said they would speak with their financial advisor before working again.
Those considering unretiring offered financial and personal reasons:
42% enjoy the intellectual challenge/stimulation of work.
40% want more financial options.
36% fear inflation, down from 44% in 2024.
33% want a sense of purpose.
Aside from financial wellness, respondents also rated their retirement satisfaction. Grading themselves on personal fulfillment, 28% of retirees gave themselves a C or lower, while an equal number gave themselves an A. Asked about social connections in retirement, 41% of retirees gave themselves a C or below, while only 22% gave themselves an A.
“Financial professionals play a key role in advising investors on how to meet both personal and financial goals,” Blunt said. “Retirement isn’t just about how much you have saved, but what your life will look like in retirement, whether you are working part-time because you need the money or enjoy it for personal reasons. Financial professionals have an opportunity to help more Americans aim for an ‘A’ in retirement by guiding them to align their financial plans with the kind of life they truly want in their later years.”
ROI Rocket conducted the online survey from May 9 to 26 among a nationally representative sample of 2,000 U.S. adults. Respondents were Americans 50 and older, who are financial decision-makers and have at least $100,000 in financial products or savings.
