Boomers are postponing retirement for many reasons but the real question is how long will they keep working past their initial expectations for their original planned retirement date. According to a survey of CPA financial planners surveyed by the American Institute of Certified Public Accountants, 50% of boomer clients are planning to work at least for year longer than originally planned. . Results of the survey show:
- 32.3 percent of CPA financial planners said 1 to 3 years
- 39.3 percent said 4 to 6 years
- 9.8 percent said 7 to 10 years
- 3.7 percent said more than 10 years
The results of the survey are in spite of the fact that the stock market has recovered significantly since the lows of 2009. Other results show that 48 percent of CPA clients are somewhat or very pessimistic about the U.S. economy amid gaping budget deficits and high unemployment. CPAs saw their clients declined more often for a mortgage or refinance due to lower home values or tighter underwriting standards.
"Boomers have been scarred by the economic turmoil of the past few years and face complex challenges going forward," said Clark M. Blackman II, chair of the AICPA’s Personal Financial Planning Executive Committee. "While more optimistic about the markets, many Boomers remain uncertain about the U.S. economy and their own situations as they contend with job loss – their own and their children’s – lower home values and rising education costs."