Baby boomers in their 60s are facing economic concerns that are delaying their retirement plans. Data from Empower shows a median retirement account balance of $544,439, far below the $1.26 million believed to be needed for a comfortable retirement. Many are delaying retirement due to financial worries and economic uncertainty.

Despite financial concerns, some boomers are choosing to delay retirement for non-financial reasons. Many are finding fulfillment in continued work, pursuing creative fields, or enjoying the social rewards of staying in the workforce. This generation is redefining retirement as a time for purpose, identity, social connection, and flexibility.

The decision of boomers to delay retirement may impact younger Americans in various ways. Changes in full retirement age and underfunding of Social Security may affect future generations’ retirement plans. The trend of boomers staying in the job market could make it harder for younger workers to find employment.

Planning for retirement requires careful consideration of factors like budgeting for desired activities, managing debt, estimating healthcare costs, and ensuring overall well-being. Working with a financial advisor to create a realistic plan for finances and lifestyle can help individuals prepare for a fulfilling retirement, whether they retire in their 60s or continue working.

Working longer can have benefits for financial security and health outcomes, but it’s essential to plan for flexibility in retirement. Considering factors like living costs, debt, healthcare expenses, and meaningful activities can help individuals prepare for a comfortable and fulfilling retirement.

Read more at Yahoo Finance: Baby boomers are challenging traditional retirement norms by working longer. And the reason isn’t just financial