Investors are rattled, and understandably so. After more than a year of increasing interest rates, the Federal Reserve raised rates again last month, as it left open the possibility of further hikes to continue its fight against inflation – the likes of which we haven't seen in decades.

When you combine the impact of inflation with a looming potential recession and ongoing market volatility, it's not surprising that investors are feeling the heat. In fact, those closest to retirement age are now considering delaying their retirement plans, with 25% planning to retire later than expected and another 15% unsure if they will ever retire at all, according to a recent Nationwide Advisor Authority survey.

Plan sponsors are in a prime position to help their employees starting to think about retirement regain their confidence. As market conditions and retirement portfolios fluctuate, employers can increase their educational outreach and encourage participants to leverage plan resources to make informed decisions with regard to their retirement. Employers can also adopt new solutions to address the challenges associated with delayed retirements, like in-plan guaranteed lifetime income solutions, which can help employees retire with more confidence.