The pace of inflation has subsided from its 2022 peak, but retirees and near-retirees are still feeling the shock of the surge in price growth.
That is prompting many people to make significant changes to their retirement plans, according to new research from insurance company Prudential Financial.
The firm’s latest survey finds 43% of 65-year-olds say they have postponed their retirement due to inflation, while one-third of 55-year-olds are thinking of pushing off their retirement dates. The firm polled 905 Americans ages 55, 65 and 75 this spring.
Almost half of 55-year-olds surveyed — 48% — plan to work part-time in retirement, while 25% of 65-year-olds and 13% of 75-year-olds said the same.
Many respondents to Prudential’s survey say they worry they will outlive their savings. That includes 67% of 55-year-olds; 59% of 65-year-olds and 52% of 75-year-olds.
That comes as 55-year-olds face a deep savings shortfall, with a $47,950 median savings toward retirement versus the $446,565 recommended balance, based on eight times the average U.S. salary, according to Prudential.
