High-net worth clients appear to be putting off retirement in order to maintain their current lifestyle once they exit the working world, according recent study of advisors.
The retirement income survey, conducted by MainStay Investments, the advisor distribution arm of New York Life Investments, found that investors are still shaken by the deep recession of 2008 and early 2009. More than half of the advisors surveyed said that a majority of their clients are delaying retirement. About 61% of these advisors indicated that their clients are not concerned with covering basic needs in retirement, but rather being forced to give up luxuries such as traveling and dining out.
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