Retirement Reconsidered 2024: Second Annual F&G Survey Reveals Half of Americans Over 50 Continue to Delay or Consider Coming Out of Retirement

Rhea-AI Summary

F&G's Retirement Reconsidered 2024 survey reveals significant shifts in retirement plans among Americans over 50. 51% of pre-retirees and retirees are considering delaying or coming out of retirement, with 68% of pre-retirees contemplating postponement. Gen X shows particular concern, with 71% reconsidering their retirement timeline.

Inflation remains a primary driver, cited by 49% of those delaying retirement and 44% of potential un-retirees. However, non-financial factors also play a role, with many valuing the intellectual stimulation of work. The survey highlights a generational divide, with Gen X expressing heightened anxiety about financial security in retirement.

Interestingly, while 71% seek advice before making retirement decisions, only 16% consult financial advisors, preferring to discuss with family and friends. F&G emphasizes the importance of proactive financial planning and considering products like fixed indexed annuities to address retirement concerns.

New Research Shows that Two Out of Three Pre-retirees Over 50 Are Considering Pushing Back Their Planned Retirement Date

DES MOINES, Iowa, July 17, 2024 /PRNewswire/ -- Just over half (51%) of pre-retirees over 50 and retired Americans¹ are considering delaying or coming out of retirement, according to a new survey from F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients. F&G's second annual Retirement Reconsidered survey explored how the current market environment is impacting decisions leading up to and into retirement.

Inflation Continues to Drive Retirement Decisions

While the S&P 500 is up more than 20% over the past year and inflation has somewhat moderated since 2023, pre-retirees over 50 are still feeling anxious. In fact, 68% of pre-retirees are considering pushing back their retirement, up from 64% last year.

Gen X appears especially concerned as 71% of those respondents are considering or have pushed back their planned retirement date, up from 65% last year. As pre-retirees push back their target dates, many people who've already taken the plunge are reconsidering their decision.

Half (49%) of pre-retirees over 50 that are either considering or have pushed their retirement back are doing so because of inflation worries. Meanwhile, 44% of retirees and those who have considered rejoining the workforce cite inflation as a reason.

"This remains a challenging macroeconomic environment to navigate for those close to or in retirement," said Chris Blunt, CEO of F&G. "As our survey shows, Americans are still reconsidering what retirement means to them, and that may look different from previous generations. We believe taking a proactive approach in financial planning can help mitigate some of the economic risks, allowing people to focus on their own personalized roadmap of how and when to retire."

But It's Still Not Just about the Economy

Beyond financial risks, the most cited reason for retirees and those who have considered rejoining the workforce was because they enjoy the intellectual challenge and stimulation of working.

A third of people (33%) who are either considering or have pushed back their retirement say they are doing so because they love what they do for work. The same percentage enjoy the intellectual challenge and stimulation from working.

For retirees and those considering coming out of retirement, 45% say they enjoy the challenge from working, while just over a quarter (27%) say they loved what they did for work.

X Marks the Spot for Reconsidering Retirement

Gen Xers are especially anxious about retirement. When asked why members of this generation have considered pushing back their planned retirement date, they cited worries about not having enough money for retirement (49%), inflation (47%), wanting more financial options and a larger safety net (42%) and worries about a recession or stock market downturn (31%). Interestingly, half of Gen X respondents said they were more likely to return to a different industry than the one they previously worked in if they came out of retirement.

"As Gen Xers near retirement, our study shows that their worries are heightened," said John Currier, President of F&G. "Having the right advice and financial tools can help alleviate these concerns, including engaging with a financial professional and considering products like fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs) that can provide a mix of upside potential and downside protection."

Unretiring – Who Are You Going to Call?

It's clear that many individuals over 50 are rethinking their retirement, and many are seeking advice before they make changes. While a financial advisor is important in providing a roadmap, the survey found that people are often looking to friends or family for counsel instead.

Of those contemplating retirement and those who have unretired, 71% reported seeking advice prior to making a decision, with 57% consulting a spouse. Surprisingly, only 16% discussed the decision with a financial advisor.

For more information on F&G's latest survey, please visit fglife.com/research.

Survey Methodology

This survey was conducted online by Directions Research, independently recognized as one of the nation's leading business decision insight firms. The survey was fielded from May 1 to May 16, 2024, among a nationally representative sample of 2,048 U.S. adults. Respondents were targeted to Americans ages 50+, who are financial decision-makers, that have $100K+ in financial products/savings.

About F&G

F&G Annuities & Life, Inc. is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Media Contact

Gabrielle Simon
pro-F&G@prosek.com
413.695.3818

Investors Contact:

Lisa Foxworthy-Parker
SVP of Investor & External Relations
515.330.3307
Investor.relations@fglife.com

¹ Survey fielded of Americans age 50+ that own any financial products and have a net worth of $100,000 or more. For Gen X survey respondents, they are ages 50-59.

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SOURCE F&G Annuities & Life, Inc.

FAQ

What percentage of Americans over 50 are considering delaying or coming out of retirement according to F&G's 2024 survey?

According to F&G's Retirement Reconsidered 2024 survey, 51% of pre-retirees over 50 and retired Americans are considering delaying or coming out of retirement.

How has inflation affected retirement decisions for pre-retirees over 50, as per F&G's survey?

F&G's survey shows that 49% of pre-retirees over 50 who are considering or have pushed back their retirement are doing so because of inflation worries.

What percentage of Gen X respondents are reconsidering their retirement plans, according to F&G's 2024 survey?

F&G's 2024 survey reveals that 71% of Gen X respondents are considering or have pushed back their planned retirement date, up from 65% last year.

What non-financial reason did retirees cite for considering rejoining the workforce in F&G's 2024 survey?

According to F&G's 2024 survey, 45% of retirees and those considering coming out of retirement say they enjoy the intellectual challenge and stimulation from working.

How many people seek advice before making retirement decisions, and who do they consult most often, as per F&G's 2024 survey?

F&G's 2024 survey found that 71% of people seek advice before making retirement decisions, with 57% consulting their spouse. Only 16% discussed the decision with a financial advisor.