Many baby boomers see retirement delayed at least four years
Half of Baby Boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the American Institute of Certified Public Accountants.
- 48 percent of CPA financial planners said their typical client is somewhat or very pessimistic about the U.S. economy amid gaping budget deficits and high unemployment.
- 51 percent of CPA financial planners said at least one client was turned down for a mortgage or refinance in the past year. The most common reasons: Lower home values and higher underwriting standards.
- 44 percent of CPA financial planners said their average client emerged from the recession with increased net worth and 17 percent saw their net worth stay the same.
The online survey was conducted between January 12 and February 1 and made available only to members of the AICPA's Personal Financial Planning practice section. There were 372 responses. The confidence rate is 95 percent, with a margin of error of plus or minus 5 percentage points.
The American Institute of Certified Public Accountants is the world's largest association representing the accounting profession. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.