Q: Hey Erick, our committee is working with our plan advisor to create and implement a pre-retiree education campaign early next year. Are there any recent statistics regarding workers delaying their retirement and their reasons for doing so? – Mariela in San Fernando Valley.
A: Hi Mariela!
Investors struggling with ongoing inflation, high interest rates and an unstable economic environment are considering delaying their retirement plans, according to Nationwide’s eighth annual Advisor Authority survey. The survey by the Nationwide Retirement Institute finds that 25% of pre-retirees — defined as nonretired investors aged 55–65 — are planning to retire later than expected and another 15% are unsure if they will ever retire. Although a number of factors are contributing to their decision to delay retirement, the majority (60%) said inflation poses the greatest immediate challenge to their retirement portfolio over the next 12 months. An economic recession (46%), market volatility (36%) and taxes (23%) are also factors in their decision.
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Disclosures, Sources, and Footnotes
RP-865-0823 Tracking #1-05377959
For plan sponsor use only, not for use with participants or the general public. This information is not intended as authoritative guidance or tax or legal advice. You should consult with your attorney or tax advisor for guidance on your specific situation.