Retirement is no longer a finish line. For a growing number of Americans over 50, it has become a gradual transition that blends part-time work, phased exits, and outright reinvention – but not all advisors get it.
The fourth annual Retirement Reconsidered survey from F&G Annuities & Life, Inc. (NYSE: FG), released October 15, 2026, found that 51 percent of pre-retirees now plan to semi-retire rather than stop working entirely, while 75 percent have considered or are actively delaying their retirement date (up from 70 percent in 2025).
The survey was conducted by Censuswide between August 4 and August 31, 2026, among 2,001 U.S. adults aged 50 and older who are primary or shared household financial decision-makers with at least $100,000 in investable assets; and the results come as many pre-retirees say they want to talk with their advisor about detailed income distribution planning.
Only 21 percent of pre-retirees now associate retirement with stopping work completely, according to the F&G survey. More than half (53 percent) agree the journey to retirement is becoming more flexible, and 60 percent describe it as a gradual transition rather than a single milestone. Nearly two-thirds view retirement as an opportunity to reinvent themselves entirely.
"Americans, no matter their savings or income bracket, aren't simply reconsidering when they retire; they're reconsidering what retirement itself looks like," said Conor Murphy, CEO and President of F&G. "For some, that means choosing to work less, transitioning gradually into retirement or even reinventing themselves in a new chapter, while for others, original plans are giving way to financial realities."
That shift in mindset has real implications for advisors building retirement income strategies. A client who plans to work part-time for five to eight years after their primary career ends has fundamentally different cash flow, tax, and Social Security timing needs than one who exits the workforce cleanly at 65.
The survey makes clear that not all of this flexibility is by choice. More than half of pre-retirees (51 percent) say they expect to retire later than originally planned, up from 45 percent in 2025. Among those delaying, 52 percent cite fear of insufficient savings, up from 48 percent the prior year.
Social Security uncertainty tops the list of factors influencing retirement planning among Americans aged 50 and over, cited by 46 percent of respondents. Healthcare and long-term care costs follow at 43 percent, with Medicare availability a concern for 31 percent.
The figures align with broader industry data: according to the Social Security Board of Trustees' 2026 annual report, the program's trust funds are projected to run short of money by 2034 - just as the oldest Generation X cohort reaches full retirement age.
The weight of external events is also mounting. More than half of respondents aged 50 and over (57 percent) say the events of 2026 have affected their retirement planning, up from 49 percent in 2025. Among pre-retirees specifically, that number climbs to 70 percent, up from 61 percent last year.
The generational divide is striking. Among Generation X respondents (defined in the survey as adults aged 50 to 61) 68 percent say outside events have altered their retirement decision-making, an 11-percentage-point increase from the prior year. Baby Boomers aged 62 to 80 show a more muted response, with approximately 51 percent reporting the same impact.
The survey's data on Generation X should prompt advisors to revisit how they are engaging this cohort. Just 11 percent of Gen X respondents give themselves an A grade for retirement financial readiness, compared with 20 percent of all survey respondents aged 50 and older.
At the same time, 73 percent of Gen X respondents say they feel the need to invest or increase investment in products that deliver guaranteed income, compared with 67 percent across all age groups surveyed. That appetite for certainty is significant: it signals a client segment that is anxious, underprepared by its own assessment, and actively seeking solutions, a genuine opening for advisors who specialize in retirement income planning for pre-retirees and can translate product complexity into client-ready conversations.
"The roadmap to retirement is no longer a straight line, which makes personalized financial planning increasingly important," said Ron Barrett, Chief Distribution Officer at F&G. "A financial professional can help individuals think through how their assets will support the different stages of retirement and secure a financial legacy through a customized plan that provides predictability along the way."
Despite the embrace of flexibility in how retirement looks, the F&G survey reveals a parallel and seemingly contradictory demand: Americans want financial certainty.
Three-quarters of respondents (75 percent) say they would prefer greater financial predictability and stable income over higher investment growth potential, even if that means limiting upside. That preference is pushing renewed attention toward guaranteed income products.
According to a separate October 2026 report from Cerulli Associates on U.S. defined contribution distribution, most pre-retirees are uncomfortable making key retirement income decisions without an advisor's guidance. "As much as they want guaranteed income in retirement, pre-retirees also want a personalized, detailed plan they can follow in retirement," noted Chris Bailey, Director of Retirement at Cerulli, in the report.
Annuity sales have been on an upward trajectory in response to this demand. Industry association data indicates that guaranteed income solutions are increasingly being positioned as core portfolio allocations rather than peripheral add-ons, with product design across fixed, indexed, and variable structures becoming more accessible to advisors working in fee-based models.
For advisors, the opportunity is that clients are arriving at planning conversations with more questions, more anxiety, and more openness to products that trade growth potential for income security. The advisors best placed to capitalize are those who can frame the retirement income conversation around real client outcomes, not product features, and who can navigate the complexity of a client base where retirement no longer means what it used to.
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