A US Bank survey found 63% of Americans fear returning to work after retirement. Economic factors beyond their control hinder financial progress, with 77% saying the current economy impacts their retirement timeline. Younger generations, facing inflation and unstable job markets, have lower retirement savings than expected.

Retirement is largely self-funded in the US, lacking safety nets like Europe. Confidence in government programs like Social Security is shaky. Gen Xers have an average of $192,300 in a 401(k) and $103,952 in an IRA, falling short of the $1.26 million needed for a comfortable retirement. Millennials have even less saved.

As retirement savings fall short, the trend of “unretirement” may rise. A study found 88% of baby boomers currently working, while 23% of retirees consider temp work for extra cash. With financial struggles affecting younger generations, working longer seems feasible.

Stress-testing your retirement budget is crucial to address anxieties about retirement. Considering all income sources and expenses, including future goals, can provide clarity. Stress-testing accounts for unknown factors like inflation and healthcare costs through “what if” modeling to identify vulnerabilities.

A growing number of people over 65 are choosing to keep working for economic or personal reasons. Working longer can provide structure and purpose, but health issues and ageism may hinder reintegration. Options like delaying retirement, part-time work, or passive income sources can provide financial stability.

Read more at Yahoo Finance: A new retirement fear is gripping Americans as many worry they may have to return to work after retiring