More Than 1 in 3 Americans Will Delay Retirement Due to Financial Challenges — Here’s Why

Core Insights - Retirement savings for Americans aged 65 to 74 averaged $200,000 in 2022, significantly below the recommended $560,000 by Fidelity [1] - A survey by New York Life indicated that 35% of U.S. adults have delayed or plan to delay retirement due to challenges in building adequate savings [2] Group 1: Reasons for Delaying Retirement - The primary reasons for delaying retirement include insufficient savings (51%), inflation (46%), and changing economic conditions (32%) [3] - 92% of Americans expressed concern about current market conditions, leading to 53% revising their retirement strategies [3] Group 2: Financial Planning Challenges - The complexity of retirement planning is increasing due to macroeconomic conditions and rising healthcare costs, as noted by Jessica Ruggles from New York Life [4] - Less than half (45%) of respondents have considered healthcare and long-term care expenses in their retirement planning [6] Group 3: Generational Insights - Millennials and baby boomers are the most likely to report having retirement savings (43% each), while Gen Xers (38%) and Gen Zers (36%) are slightly behind [5] - 60% of adults are confident in their savings for retirement, but 32% are uncertain about outliving their assets [6]