In a company news release, Fidelity said 55% of its survey respondents were delaying retirement because they had not saved enough. Thirty five percent said they had started saving too late and 34% said they will continue working to keep their employer-paid health benefits.
More single workers than married reported delaying their retirement as did more males than females.
The reasons for delaying retirement differed with age, Fidelity found. Younger workers (age 25 – 40) more likely cited paying for a child’s college education as a reason to delay retirement, and older workers (age 55+) more likely cited poor investment choices and market fluctuations as the reason for the delay.
“Our study findings reflect what we are seeing in our own client interactions every day: too many people are delaying their retirement dreams for lack of planning and adequate savings,” said Jeffrey Carney, president of Fidelity Personal Investments, in the release.