Inflation is moderating, but an increasing number of Americans that are nearing retirement or have already retired are considering delaying their plans or returning to the workforce because of rising prices, a recent survey said.

More than two out of three (68%) of pre-retirees plan to push back their retirement – compared to 64% last year, according to the F&G Annuities & Life survey. Forty-four percent said inflation was the reason why they were altering their plans.  Inflation moderated to 3% in June after reaching a 40-year high two years before. However, the lingering effects of high prices have remained, and the Federal Reserve's quest to lower inflation by raising interest rates has also increased borrowing rates on everything from car loans to home loans. 

Respondents also cited other reasons for returning to the workforce, saying it  also also offered them an intellectual challenge. A third of people (33%) who are either considering or have pushed back their retirement said they were doing it because they loved what they did for work. The same percentage said they enjoyed the stimulation of working.

"This remains a challenging macroeconomic environment to navigate for those close to or in retirement," F&G CEO Chris Blunt said. "As our survey shows, Americans are still reconsidering what retirement means to them, which may look different from previous generations. We believe taking a proactive approach in financial planning can help mitigate some of the economic risks, allowing people to focus on their own personalized roadmap of how and when to retire."

If you're struggling to save for retirement in the current economy, you could consider paying down high-interest debt with a personal loan at a lower interest rate, which can help you lower your monthly payments. Visit Credible to compare options from multiple lenders at once and choose the one that's the best for you.

MOST HOMEOWNERS WOULD RATHER REMODEL THEIR HOME THAN BUY ANOTHER HOME: STUDY

Generation X is the most concerned over the impact of inflation on their retirement plans, with 71% saying they are considering or have pushed back their planned retirement date, up from 65% last year, according to the survey. 

Beyond inflation, 49% of Generation Xers said they were worried they hadn't saved enough money to retire and 42% said they wanted more financial options and a larger safety net.  

"As Gen Xers near retirement, our study shows that their worries are heightened," F&G President John Currier said. "Having the right advice and financial tools can help alleviate these concerns, including engaging with a financial professional and considering products like fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs) that can provide a mix of upside potential and downside protection."

If you are preparing for your retirement, you could consider using a personal loan to help you pay off debt at a lower interest rate, saving you money each month. You can visit Credible to find your personalized interest rate without affecting your credit score.

AMERICANS TYPICALLY SPEND ABOUT 24% OF THEIR INCOME ON MORTGAGE PAYMENTS

Workers said they needed to save $1.5 million to retire comfortably, yet many are far from that target, according to a Northwestern Mutual survey. A third of workers said they had less than $50,000 in savings and investments, and 14% had less than $1,000.

Among the generations closest to retirement, only half of Boomers (49%) and Gen Xers (48%) believe they will be financially prepared to retire comfortably, with many expecting that they will likely outlive their savings. Even more problematic is that while many older Americans across both generations anticipate a retirement shortfall, more than a third (37% and 38%, respectively) have not addressed it.

"People's 'magic number' to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider," Aditi Javeri Gokhale, Northwestern Mutual chief strategy officer, head of institutional investments and president of retail investments, said in a statement. "Inflation is expanding our expectations for retirement savings, and putting the pressure on to plan and stay disciplined." 

If high-interest debt is preventing you from saving more for retirement, you could consider paying it off with a personal loan at a lower interest rate. Visit Credible to find your personalized rate in minutes without affecting your credit score.

71% OF AMERICANS WAITING ON INTEREST RATE CUTS BEFORE HUNTING FOR HOMES: SURVEY

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.