Seniors are delaying retirement so they can make ends meet according to data from the American Advisors Group, the nation’s leading home equity provider.
The year 2020 has only accelerated the latter trend.
Approximately 1,500 participants aged 60-75 participated in the AAG’s Post-2020 Retirement Survey.
“After the uncertainty created by the events of 2020, many seniors want to ensure that they will have the financial means and flexibility to enjoy the retirement they had hoped and planned for,” AAG Chief Marketing Officer Martin Lenoir said.
“While we know that Americans are living longer, this survey illustrates that seniors are working longer into their retirement years too,” he added.
In the United States, according to ConsumerAffairs Research Team data, about 50% of seniors depend on Social Security as their primary source of income.
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Due to these benefits, over 14.8 million elderly people live in poverty-free conditions.
In AAG’s data, approximately one-third of seniors cited that 2020 was a hindrance to retiring.
More than half (46%) intend to continue working part-time after this.
Additionally, 18% of seniors intend to continue working full-time past the age of 70, and 12% said they expect to continue to work full-time forever.
Seniors also said they would establish an emergency fund and apply for a tax refund to improve their financial situation. As a result, neither of these options can provide long-term retirement stability, according to AAG.
National Reverse Mortgage Lenders Association data indicates over $8 trillion worth of housing wealth is owned by seniors 62 and older.
AAG reported that this wealth could help supplement the income of millions of seniors in the U.S.