Economic Crisis Pushing Retirements Beyond Age 70

Losses in the financial and housing markets during the economic crisis are causing many seniors to consider retiring at a later age than originally planned.

A new survey from Golden Gateway Financial found that, before the economic crisis, 67% of those polled planned to retire before age 70, but now that number has declined to 40%. Also, before the economic crisis, 30% of respondents planned to retire after age 70, and now almost 50% of seniors plan to retire after age 70

More than 40% of the seniors polled reported the current economy has had some kind of negative effect on their ability to retire, a press release said. More than 50% indicated they are concerned that their overall net worth may no longer be enough to sustain their retirement.

Eighty-six percent of seniors said they have a reasonable understanding of their net worth, and 50% of them indicated their net worth had declined by between 10% and 30%.

The independent online survey, conducted with United Sample, Inc. in partnership with Golden Gateway Financial, polled a nationwide representative sample of more than 500 senior citizens aged 62 or older.