U.S. Seniors Worried About Inflation in Retirement
Four out of five Americans age 50+ say they are worried about inflation in retirement, according to a new survey from F&G.
This feeling is even more acute among pre-retirees (84%) vs. 76% of retirees. The survey also revealed 71% of Americans are worried about a recession and 66% are worried about rising healthcare costs.
The survey also found that Americans age 50+ are considering various approaches to mitigate their retirement worries likely due to the current economic climate. Sixty-two percent of retirees are changing how they budget due to inflation, and more than half (55%) of pre-retirees expect to work part-time in retirement to cover day-to-day expenses. In addition, one third (31%) of pre-retirees say it’s unrealistic for them to retire without working at least part time.
“The threat of inflation continues to be top of mind for Americans both approaching and already in retirement. In this economic environment, it’s more important than ever to revisit your retirement plan with an advisor and consider a more holistic set of products that can guarantee income, help protect against market volatility and inflation. This approach can help shift the focus to a more predictable retirement with a lifestyle of your choosing,” said Chris Blunt, CEO of F&G.
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