While financial worries remain among the top reasons Americans are delaying retirement or are returning to work, a surprising number cite other, more personal reasons for doing so, a new survey finds. 
According to the survey from Fidelity & Guaranty Annuities & Life (F&G), which explores how the current market environment is impacting decisions leading up to and into retirement, exactly half (50%) of pre-retirees and retired Americans indicate that they are considering delaying or coming out of retirement.
What’s more, over 40% of current and former retirees say the prospect of “unretiring” is not just about money. In fact, among retirees considering “unretiring,” the No. 1 reason cited is because they enjoy the intellectual stimulation from working (50%), while 36% say they don't want to feel a lack of purpose.
“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,” observes F&G President & CEO Chris Blunt. “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.”
Delaying Retirement
Turning to pre-retirees, the survey found that nearly two-thirds (64%) are considering or have taken action to delay their retirement. According to the findings, financial concerns were the top reasons, with pre-retirees worrying they won't have enough money for retirement (52%), followed by concerns about inflation (51%), and the desire to have more financial options and a larger safety net (43%).
That said, there were several non-financial issues pre-retirees were considering. Specifically, nearly a third (29%) of pre-retirees are considering staying in the workforce because they love what they do for work and enjoy the intellectual challenge/stimulation from working (27%).
The survey was conducted online by Directions Research from June 7–16, 2023, among a nationally representative sample of 2,015 U.S. adults. Respondents were targeted to Americans aged 50+, who are financial decisionmakers and have $100,000+ in financial products/savings.
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