The question was: Over half of advisors surveyed a few months ago said their clients plan to delay retirement. What do you suppose was the number one reason they cited for this?
a) Loss of assets due to the recession
b) Health care costs
c) Finish paying the mortgage
d) Like to work
The answer is: a). According to a late 2009 survey by MainStay Investments, New York, 46% of the surveyed advisors said loss of assets in late 2008 and early 2009 was the number one reason why their investor clients were delaying requirement. Over 60% of the advisors also said that they believe their clients are not concerned with covering basic needs in retirement, but rather with having to give up luxuries such as traveling and dining out.
See related article: Study probes why many put off retirement