With their nest eggs depleted by the recession’s market volatility, many seniors are being forced to delay retirement, a new study says.
Currently, only four in 10 people age 62 and over plan to retire before age 70, compared to two in three who expected to retire before 70 before the recession, says the report from Golden Gateway Financial.
Four in 10 of those surveyed say the economic crisis has a role in their inability to retire when they’d like, and more than half worry their net worth is too low to support their retirement.
Almost half say their net worth has dropped between 10 percent and 30 percent, declines that could force many elderly Americans back into the workforce.
“This is the worst possible time for the 40 percent of seniors now considering delaying retirement to be searching for jobs,” Eric Bachman, founder and CEO of Golden Gateway, says in a statement. “It’s unfortunate that the hopes and dreams of these retirees are being put on hold.”