Survey: Financial Planners Report Clients Nearing Retirement Age Are Staying at Work

The American Institute of Certified Public Accountants (AICPA) has surveyed clients of financial planners and reports that nearly 35% of those approaching retirement age are postponing leaving the workforce because of recent economic conditions. 67% of those plan to delay retirement no more than five years, but 9.6% are planning on postponing retirement six or more years.

"What this suggest is that 70 is the new 65," AICPA Vice President James Metzler said. "People are living longer and getting more satisfaction from working later in life. At the same time, the market downturn has reduced wealth and CPA financial planners are seeing clients delay retirement plans as a result."

Source: The American Institute of Certified Public Accountants Press Release (February 5, 2009)