Older Americans are increasingly reconsidering their retirement plans due to economic concerns such as potential recessions, skyrocketing inflation, and market volatility. Financial advisors suggest that if possible, individuals should delay retirement and continue working to secure their financial futures. This advice comes as many face uncertainties surrounding Social Security and 401(k)s. The article emphasizes the importance of properly planning and calculating retirement income needs, especially in light of recent policy changes and economic fluctuations, marking this as a critical time for retirees to reassess their financial strategies.
"Many people have never even calculated what it would cost to retire and what their retirement income would be. Just looking at these things is a step in the right direction." - Wes Battle, certified financial planner.
"In an uncertain macro environment, older Americans are worried about potential recessions, Social Security, and the volatility of their 401(k)s due to inflation and tariffs."
"Financial advisors recommend delaying Social Security benefits and continuing to work as a safeguard against market volatility and inflation for those nearing retirement."
"The unpredictable policy initiatives from the current administration have made planning for retirement progressively more challenging, creating significant concerns for older adults."
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