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Savings & Retirement

Inflation Fears Have More US Workers Pushing Off Retirement

With the cost of living climbing, many workers say they’ll have to work longer.

Operations Inside The Wabash National Corp. Manufacturing Facility As Factory Production In U.S. Rises
Photographer: Luke Sharrett/Bloomberg

Inflation and the rising cost of living has 40% of private sector workers age 45 and older pushing back plans for retirement.

That’s according to a survey from Nationwide Retirement Institute, which also found 15% of older workers saying they don’t think they’ll ever be able to retire. Employees planning to retire later also cited shrunken retirement savings (47%) and concerns that a market crash would destroy savings (44%) as reasons for wanting to work, on average, four years longer than they’d planned just one year ago.