Investors are changing their lifestyles, and some are delaying retirement as a result of the financial crisis, according to a study released Tuesday by the Financial Planning Association.
The annual survey by Diversified Services Group of financial advisers' perceptions of the retirement income distribution market sampled financial planners with clients who are in or near retirement and found that 40% of these clients had had to change their lifestyles this year, most likely because of the recession. These changes included the 18% who delayed their retirements and the 6% who had previously retired but returned to work because of the economic climate. Rising health-care costs concerned many retirees who worried about outliving their savings and being unable to pay for care.
