four more years: clients delay retirement

“boomers have been scarred.”

half of baby boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to cpa financial planners.

fifty-two percent of cpa financial planners said their clients – who typically have between $500,000 and $5 million in assets – are at least somewhat confident in the stock market now — a turnaround from a year ago when 54 percent said their clients were not very confident.

more highlights:

• 48 percent of cpa financial planners said their typical client is somewhat or very pessimistic about the u.s. economy amid gaping budget deficits and high unemployment.
• 51 percent of cpa financial planners said at least one client was turned down for a mortgage or refinance in the past year. the most common reasons: lower home values and higher underwriting standards.
• 44 percent of cpa financial planners said their average client emerged from the recession with increased net worth and 17 percent saw their net worth stay the same.