The Surprising Rise In Retirement Delays Among Those Over 50

More Americans are delaying retirement over concerns about the economy and their own finances.

A new survey from F&G Annuities and Life found 23 percent of people over 50 are planning to hold off.

That's up from 14 percent two years ago.

Another study found that the median savings of 55-year-olds is only about $50,000.

There's also Social Security.  The longer a person waits to retire, the more benefits they'll receive.

According to the Social Security Administration, Social Security was never meant to be the only source of income for people when they retire.

Rather, Social Security replaces a percentage of a worker’s pre-retirement income based on your lifetime earnings.

The amount of your average earnings that Social Security retirement benefits replace depends on your earnings and when you choose to start benefits.

For instance, if you start benefits in 2025 at your “full retirement age,” this percentage ranges from as much as 79% for very low earners, to about 43% for medium earners, to about 28% for maximum earners.

If you start benefits after full retirement age, these percentages would be higher.

If you start benefits earlier, these percentages would be lower.

Most financial advisers say you will need about 70% to 80% of pre-retirement income -- including your Social Security benefits, investments, and personal savings -- to live comfortably in retirement.

The SSA provides this chart as a reference for age/retirement benefits:

Whatever your age, the SSA recommends you apply for benefits a full three months before your plan retirement age. Here's what you'll need:

• Your Social Security card (or a record of your number).
• Your birth certificate
• Your children’s birth certificates and Social Security numbers (if you’re applying for them)
• Proof of U.S. citizenship or lawful immigration status if you (or a child) weren’t born in the United States
• Your spouse’s birth certificate and Social Security number if they’re applying for benefits based on your earnings
• Your marriage certificate (if you’re applying on a spouse’s earnings record or if your spouse is applying on your earnings)
• Your military discharge papers if you had military service
• Your most recent W-2 form, or your tax return, if you’re self-employed.

You can call the SSA at 1-800-772-1213.

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