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Baby Boomers Expected to Postpone Retirement 4 Years or Longer

By Daniel @ LivingSenior - March 24, 2011

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On the heels of the worst financial collapse since The Great Depression, a majority of Baby Boomers are poised to significantly extend their working years and postpone retirement.

According to a survey conducted by the American Institute of Certified Public Accountants, two-thirds of Baby Boomers plan to work an additional 4 years or more beyond their retirement expectations of just a few years ago.  Over 13% expect to work an additional 7 years or more.

The recession that began in 2008 and culminated in catastrophic losses in housing and finance took a huge chunk out of pensions and retirement portfolios.  Despite the fact that the stock market has regained nearly all its losses since the great collapse, Baby Boomers are weary of retiring early and are skeptical that their current savings will sustain them throughout retirement.

"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."

The AICPA's study shows that 48 percent of Baby Boomers are either "somewhat pessimistic" or "very pessimistic" about the U.S. economy due to the growing budget deficits and high unemployment.