A growing number of older Americans are delaying or abandoning their retirement plans as they continue to battle chronic inflation, according to a new survey published by Nationwide. More than six in 10 investors said their expectations for retirement have changed "significantly" in the last five years, while about 50% said their dreams for retirement have been delayed, altered or canceled as a result of the economic conditions seen in the last five years.
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above the Federal Reserve's 2% goal. And when compared with January 2021, before the inflation crisis began, prices are up a stunning 20%. As a result, just 38% of investors believe in having a retirement savings target, or a specific goal for retirement.
The uncertain economic landscape has many Americans reconsidering whether retirement is a realistic goal. More than one-quarter of all non-retired investors said they would likely be forced to return to the workforce at some point due to inadequate savings if they were to retire within the next 12 months, while 19% doubt that they will ever save up enough money to retire. An additional 19% said they will retire later than planned because of inflation.
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