New results from Sun Life Financial’s Unretirement Index reveal an increase in retirement postponement, says the company’s U.S. division. The index, which gauges how current economic, social and financial trends will impact future American retirement plans, indicates that 65 percent of American workers now intend to delay their retirement by at least one year.
Additionally, 27 percent now believe they will need to remain active in the workforce for at least five years longer than anticipated. The statistics come alongside revelations that Americans are less confident than ever about their retirement planning. In fact, only 40 percent of American workers believe they will have enough money to handle basic living expenses during their retirement. Furthermore, only 28 percent feel confident about their preparations for retirement.
Wes Thompson, president of Sun Life Financial responded to the index’s findings saying, “The Unretirement Index also shows how lower levels of confidence are affecting the American psyche and psychologically explain why Americans are making these decisions that impact our society.”