Four in 10 older American workers are delaying their retirement due to the rise in living costs, according to a new survey from the Nationwide Retirement Institute, and this is creating a ripple effect on workforce hiring.
More than one-third of private-sector employers (36%) have stated delayed retirements impacts their ability to hire new talent, while 34% said it impacts their ability to promote young talent and 35% said makes their health and benefits plans more expensive.
The survey found fewer than six in 10 employees have a positive outlook on their retirement plan and financial investments, with 66% employees citing inflation as a top retirement concern.
“We’re watching delayed retirements impact employers’ entire talent lifecycle, and it may be unintentionally contributing to ‘quiet quitting,” said Amelia Dunlap, vice president of Nationwide Retirement Solutions marketing. “Employers may find themselves with a workforce that lacks motivation to go above and beyond without the ability to reward employees for a job well done. Employers should look for opportunities to better support their older workforce as they near retirement.”