While retiring confidence has increased over the past few years, many Americans are still not confident in their ability to retire when they want. In fact, 25 percent of Millennials and 39 percent of Gen Xers consider being unable to retire when they want to a top financial concern, according to PWC's Employee Financial Wellness Survey.1
According to the study, 42 percent of employees plan to delay retirement. Here's what the survey revealed as the top reasons why.
- They haven't saved enough.
The number one reason why Baby Boomers say they are postponing retirement is because they haven't saved enough. In fact, the survey revealed that 63 percent of employees either don't believe or don't know if their current retirement plans and Social Security will be sufficient to support them in retirement.
- They need healthcare benefits.
Nearly one-in-three (32 percent) employed Baby Boomers consider healthcare costs in retirement as a prime contributor to their worries about exiting the workforce. Needing to keep their current healthcare coverage ranked among survey respondents as the second most popular reason for delaying retirement.
- They're supporting dependents.
More than half of respondents said they were willing to sacrifice their own financial wellbeing to make sure their adult children were financially stable throughout their lives. Of those who said they were willing to sacrifice their own financial well-being, 34 percent said they have already withdrawn money from their retirement plans.
- They enjoy their jobs.
The survey revealed that 26 percent of Baby Boomers continue to work because they simply don't want to retire yet.
- Too many other expenses.
Thirty-seven percent of respondents indicated that they found it difficult to meet their household expenses on time each month, leaving them no margin for retirement savings. Nearly half (49%)
- To maintain their standard of living.
Many, (17 percent) said they postpone retirement because they will not be able to maintain their standard of living.
These are just a few of the many factors to take into consideration as you plan for your retirement. Discover a wide array of retirement resources and tips on saving for retirement.