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.