More Americans are delaying retirement over fears about the economy and their own financial safety net.

Nearly 1 in 4 (23%) pre-retirees over 50 polled in a survey commissioned by F&G Annuities & Life say they’ve decided to delay retirement — up from 14% a year ago — due to financial concerns.

Of those who are postponing their retirement, 48% are worried they won’t have enough money, 44% are worried about inflation and 34% are worried about a recession or plunging stock market.

David John, a senior strategy policy advisor at AARP, told CBS he’s seen people cut back on saving for retirement or pull money out of their savings to deal with unexpected costs or inflationary pressures.

“Of course, that helps in the short run, but that means that you have even more people who have worries once they start to get to retirement,” he said in a story published July 17.

But whether or not these financial fears are justified, there are good reasons Americans might want to slow their roll toward retirement.

The earliest age you can begin claiming Social Security retirement benefits is 62, but you can earn a bigger check each month if you wait up until age 70 to apply.

So, if you’re able to work a few extra years, or can survive off of your savings without Social Security for a while, you can end up with a larger monthly benefit for life. Plus, if you work those extra years, you may end up with more savings in the end.

Once you reach age 50, you can contribute additional funds to tax-advantaged retirement plans, including 401(k) ($7,500) and IRA ($1,000) accounts. The longer you work into your 50s, the more you could potentially take advantage of these added contributions — called catch-up contributions.

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Furthermore, thanks to the SECURE 2.0 Act, workers aged 60-63 may have a higher catch-up limit for their 401(k) plans. In 2025, the higher limit is $11,250 instead of $7,500.

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Despite ongoing concerns about the economy, there are steps you can take to set yourself up for a strong future.

Build a budget: If you haven’t done so already, creating a budget can help you control your spending now, while setting you up for disciplined spending in retirement.

Pay down debt: The longer you work, the better opportunity you have of shedding all debt and maximizing your savings by the time you retire.

Emergency fund: Building an emergency fund can prevent you from falling further into debt in case of an unexpected expense. Experts recommend setting aside three-to-six months’ worth of expenses in a high-interest savings account for this purpose.

Get expert advice: Planning one’s retirement can be a complicated process, and there’s no shame in asking for help. A financial advisor can help you come up with a blueprint that best suits your needs and desires, including when to retire and apply for Social Security, as well as an appropriate withdrawal strategy.

In the meantime: “Save and continue to save,” John advised. “Because any amount of retirement savings is going to be better than no retirement savings.”

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.