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Retirement Planning > Spending in Retirement > Lifestyle Planning

Half of Older Americans Considering 'Unretirement': Survey

By Michael S. Fischer

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What You Need to Know

  • Pre-retirees and retirees are considering delaying or coming out of retirement, a survey found.
  • Nonfinancial reasons are a big contributor.
  • Advisors should help their clients think behind the numbers, F&G Annuities & Life's CEO says.

Half of retired Americans and pre-retirees in a survey released Wednesday by F&G Annuities & Life are thinking about delaying or coming out of retirement. Forty-four percent of retirees or former retirees have returned or are considering returning to work.

A main reason Americans are delaying retirement or rejoining the workforce — “unretiring” — is financial worries. But the F&G survey found that many do so for more personal reasons.

Fifty percent of retirees said they are considering unretiring because they enjoy the intellectual stimulation from working, and 36% said they did not want to feel a lack of purpose.

Among pre-retirees, 64% said they are considering or have delayed their retirement. Fifty-two percent of this group worried that they would not have enough money for retirement, 51% were concerned about inflation and 43% wanted to have more financial options and a bigger safety net.

At the same time, nonfinancial issues are driving some pre-retirees’ desire to unretire. Twenty-nine percent said they were considering staying on the job because they love what they do for work, and 27% said they enjoyed the intellectual challenge and stimulation from working.

“Amid inflation, changing workforce dynamics post-COVID and overall generational shifts, Americans are rethinking retirement and extending their time working or, for some retirees, unretiring altogether,” F&G’s president and chief executive, Chris Blunt, said in a statement.

“While it’s understandable that those facing financial challenges would consider such steps, it’s interesting to see our survey findings underscore how much generations like baby boomers are reconsidering what retirement looks like and what’s important to them such as finding personal fulfillment and intellectual stimulation.”

Directions Research fielded the survey in mid-June among a nationally representative sample of 2,015 U.S. adults. Respondents were targeted to Americans 50 and older who are financial decision-makers and have at least $100,000 in financial products/savings.

How Financial Advice Can Help

The survey found that nearly half of respondents did not work with a financial professional, rising to 59% of Generation Xers.

As many people in retirement are also looking for guaranteed income, 36% of all respondents who work with a financial professional own an annuity, compared with only 14% of those who do not work with a financial professional. F&G noted that annuities are known for providing steady income and inflation-hedging benefits.

“Leveraging the expertise of a trusted financial advisor can often make people more confident and better equipped to navigate the challenges of retirement planning with conviction and clarity,” Blunt said.

“But once financial considerations are mitigated, advisors could think beyond the numbers and also consider their role helping clients plan for overall happiness — whether that involves volunteering, working full time, part time or not at all.”

Michael S. Fischer

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