As millions of Americans approach retirement age, a growing number are choosing to delay their exit from the workforce, driven by financial uncertainty, inflation and widespread doubts about the future of Social Security. According to new findings from the 2025 Protected Retirement Income and Planning (PRIP) Study, the trend is especially pronounced among those between the ages of 61 and 65, who represent the largest surge of retirees in U.S. history.

The study shows that 30% of this age group are considering postponing retirement, and 28% of financial advisors say their clients have already done so. Financial concerns are the driving force: lack of pensions, insufficient savings, and a shaky outlook on Social Security are prompting older workers to rethink when — and how — they’ll retire.

“Just as businesses hesitate to make big moves in times of economic uncertainty, many working Americans are afraid of taking the leap into retirement,” said Jean Chatzky, an Education Fellow with the Alliance’s Retirement Income Institute and CEO of HerMoney. 

Confidence in Social Security is particularly low. Among consumers aged 45 to 75:

• 58% are concerned their benefits will be reduced.
• 14% are definitely considering claiming early.
  52% report less confidence in Social Security than they had five years ago.

This uncertainty is directly impacting financial behavior. Advisors are shifting their approach, with 65% changing their retirement planning strategies and 50% increasing client investments in annuities, making protected income the most common change in investment strategy.

For Generation X, the landscape is even more fragile. The first 401(k)-only generation is now approaching retirement age with limited pensions and growing concern. Only:

• 14% have access to a pension
• 41% believe their savings and income will last through retirement
• 35% are confident they can create a retirement income plan

As Americans delay retirement and re-evaluate their plans, guaranteed income solutions like annuities are becoming more important than ever. The Coalition for Annuity Awareness remains committed to ensuring consumers and financial professionals alike understand how these tools can offer stability, protection, and peace of mind, especially when confidence in traditional safety nets continues to decline.

Read more about the study here.