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In fact, 15% of all workers expect their primary source of retirement income to come from working.Īnother way to boost income in retirement, Ackerley said, is to delay taking Social Security, which will increase your Social Security payment when you do claim.įor instance, a worker who retires as early as 62 - before his or her full retirement age - may get up to 30% less in monthly benefits to account for the longer time that worker receives benefits. The survey of 5,725 employees found 55% of workers plan to work after they retire, including almost 20% who plan to work full time and over a third who plan to take on part-time jobs. Not everybody can, continuing to earn some money and not spend."Ī recent study from the nonprofit Transamerica Center for Retirement Studies found that working was an integral part of many workers' retirement plans. "But given this market volatility, it may not be the worst thing to think a little bit about delaying retirement. "In an ideal world, people would retire at the age they want to," Ackerley said. Continue to dollar cost average."Īs for the oldest working generation, more than a third of boomers were considering delaying retirement as a way to get back on track. "They just haven't lived through as many market cycles as maybe some more experienced older workers," she said.
Ackerley noted that one "disturbing" finding from the survey was that 60% of Gen Zers said they might consider selling during a market downturn, while only 20% of boomers said that. So they reduced their spending so they could continue to contribute."Īnother step to take - or, actually, not to take - is dumping investments when they lose value. Instead, they maybe didn't go on vacation, they maybe didn't buy a large item. And we actually saw that people did that. "So one of the most important things during this market volatility, these hard times, is to keep contributing. "Workers did not reduce their contributions," she said. Still, Ackerley was quick to point out that it is important for workers to maintain the savings course even as concerns grow - something Americans actually did, the survey found, a bright spot among the results. Read more: High-yield savings account vs. And I think people are reflecting that in terms of their confidence in retirement."
I think anybody who lived through last year, with both stocks and bonds being down, it was just a really hard year. "So what's driving this? Well, it's really the market environment.
"So we've been doing this survey read on retirement for eight years and this is the lowest it's ever been," Ackerley said. The decline in confidence underscores how market volatility and inflation have made people more worried about running out of money - now and in the future, Anne Ackerley, head of BlackRock's retirement group, told Yahoo Finance Live (video above). The group whose confidence waned the most was Gen Z, who were also more likely than baby boomers to say they would consider selling investments during a market downturn. The share of Americans who think they'll be financially prepared for a comfortable retirement dropped sharply this year, according to a new study out this week.īlackRock found that only 56% of folks say they feel on track for retirement, down from 63% in 2022 and 68% in 2021.
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