Great Resignation could affect retirement savings

How the Great Resignation could affect retirement savings

The workforce is in turmoil as the Great Resignation continues to see people retire, switch jobs, and start their own businesses.

The movement in the labor force is affecting people’s retirement savings, according to the new 2022 Retirement Risk Readiness Study from Allianz Life.

Fewer people said they retired earlier than expected in 2022.

While 68% of retirees said they had left the workforce earlier than expected in 2021, only 42% of retirees said the same this year. Fewer said they retired because of unexpected issues – more people retired on their own terms.

Why did you retire earlier than expected?


Healthcare issues that prevented me from being able to do my job

26% in 2022
33% in 2021


Unexpected job loss

15% in 2022
22% in 2021


I was financially ready earlier than I expected to be

18% in 2022
9% in 2021


I wanted to have some fun while I still can

12% in 2022
7% in 2021

Many people who are still working anticipate that they will change jobs in the near future. Changes in employment could have a severe effect on their retirement security.

Around a third of people still in the labor force said they are likely to take a new job this year, either with a new company or by going into business for themselves.

A job change provides a good opportunity to meet with a financial professional to review retirement goals as those changes could affect both short- and long-term financial planning. Needing to reduce the amount saved for retirement, or stopping saving for retirement completely, were among the top worries around pursuing a new job.

How worried are you that a change you make in your employment will …


Make it harder for you to pay for necessities like housing or food

57% of non-retired Americans

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Cause you to cut back on non-essentials, like entertainment

57% of non-retired Americans


Reduce the amount you can save for retirement

60% of non-retired Americans

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Make you stop saving for retirement completely

56% of non-retired Americans

If you’re thinking about making a job change, or have made one recently, set up time to chat with your financial professional about how to take the next step while still managing risks to your retirement savings.

*Allianz Life conducted an online survey, the 2022 Retirement Risk Readiness Study, in February 2022 with a nationally representative sample of 1,000 individuals age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k.

Allianz Life Insurance Company of North America does not provide financial planning services.