CPA financial planners surveyed by the American Institute of Certified Public Accountants reported that nearly 35% of their clients who are approaching retirement age are postponing leaving the workforce because of recent economic conditions – a 3% increase from the 32% cited last year. According to a press release on the survey, a majority of those who are postponing retirement (67%) plan to delay retirement no more than five years.
Only 9.6% are postponing retirement for six years or more, the survey found.
Other adjustments in spending CPAs’ clients are making include:
- postponing vacations – 60%,
- postponing car purchases and/or the buying or selling of a home – 52%, and
- cancelled home renovations – 42%.
Only 11% of CPAs have clients who have no plans to change their current spending, the press release said.
The survey was conducted in December via a questionnaire emailed to members of the AICPA Financial Planning Membership Section.