Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Retirement Planning > Retirement Investing

FPA: Boomers Postpone Retirement

X
Your article was successfully shared with the contacts you provided.

Financial advisors report that the recession is forcing some clients to keep working longer than they want – or return to the job market.

The Financial Planning Association, Denver, has published those findings in a summary of results from a survey of financial advisors.

The FPA asked about clients at or near retirement.

About 40% of the clients have had to make lifestyle adjusts, with the market downturn and rising health care costs forcing 18% of the clients to delay retirement and 6% of the clients who retired to return to work.

Market changes and the aging of the boomers also increased demand for retirement income planning: 63% of respondents said they provided retirement income planning advice, services and products to more than half of their client-base in the past year.

About half of the planners surveyed said they gained between 4 and 10 new retirement income clients in the past year.

Additional survey findings:

- Planners say that of the time they spend on retirement planning, 50% is focused on retirement income-related activities, as opposed to asset-accumulation activities.

- Planners are becoming more involved in helping clients manage health care costs, and 79% said they help with long term care decisions.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.