An increasing number of workers are at least considering changing the timing of retirement, and concern among younger workers over retirement risks in also up, says a recent study.
Delays, Delays
In “Financial Perspectives on Aging and Retirement Across the Generations” the Society of Actuaries (SOA) reports that among the trends they have found is that 35% of workers have changed the timing of their retirement or are considering doing so, and 60% of those who have are retiring later than they had planned or will do so. SOA attributes the increase in the number of workers delaying or thinking about delaying retirement to the pandemic.
Endemic Worries
There is concern over the effect of the pandemic on retirement savings, and this worry is highest among younger generations, says the report.
Younger generations also evince the greatest concern over various risks to retirement, and have more of them as well.
| Group | Average Number of High Concerns About Retirement |
| Millennials | 7.1 |
| Generation X | 6.6 |
| Late Boomers (born 1955-1964) | 5.6 |
| Early Boomers (born 1946-1954) | 5.1 |
| Silent Generation (born 1935-1945) | 4.6 |
Younger generations are especially concerned about not maintaining a reasonable standard of living, not being able to pay for health care and depleting their savings. Older generations are especially concerned about inflation, long-term care, the effect of health issues and the ability to manage their finances.
Climate change is not one of the top concerns most workers think will affect their retirement, the SOA found. Again, younger workers are much more likely to be worried about that.
| Group | % Concerned About the Impact of Climate Change on Financial Security on Retirement |
| Millennials | 50 |
| Generation X | 38 |
| Late Boomers (born 1955-1964) | 23 |
| Early Boomers (born 1946-1954) | 25 |
| Silent Generation (born 1935-1945) | 16 |
The Good News
The report contains good news as well. SOA says that the pandemic has not resulted in significantly higher concern about retirement risks in general. In addition, while some workers have delayed retirement or plan to, a majority of workers have not and do not.
| Group | Have Changed When They Plan to Retire | % of Those Changing Retirement Age Who Will Delay Retirement | Have Considered, but Not Yet Changed, When They Plan to Retire | Have Not Changed When They Plan to Retire |
| Millennials | 18 | 62 | 21 | 61 |
| Generation X | 14 | 63 | 16 | 69 |
| Late Boomers | 12 | 56 | 18 | 71 |
And almost 60% of workers overall consider themselves to be on track for a financially secure retirement. It varies by generation, but a majority in all groups hold that view.
| Group | % Considering Themselves on Track for Retirement |
| Millennials | 58 |
| Generation X | 54 |
| Late Boomers (born 1955-1964) | 59 |
| Early Boomers (born 1946-1954) | 66 |
| Silent Generation (born 1935-1945) | 62 |
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