Per Bloomberg
47% of Employees Plan to Retire Later Due to Inflation Affecting Their Retirement Savings
10/26/2022
47% of employees plan to retire later due to inflation affecting their retirement savings. 44% said that a market crash would destroy their savings resulting in them wanting to work an average of four years longer than their plans a year ago.
24% of workers aged 45 or older said they felt they were on "the wrong track for retirement." In a 2021 Nationwide survey, only 58%, down from 72%, said they were positive about their retirement plan and financial investments.
The survey was conducted from July 14 to August 15 with 1,000 retirement plan participants aged 45 or older, 500 company plan sponsors, and participants aged 35 and 44. Only 21% of employees said they were familiar with investment products with guaranteed lifetime income.
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