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More Delaying Retirement Amid Deep Recession

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(credit: AP Photo/Koji Sasahara)

CBS Los Angeles (con't)

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WASHINGTON (CBS) — A new survey shows that four in ten American workers have put off plans to retire over fears that their savings won’t last or be enough to battle the rise in health care costs.

The survey, released by retirement consultants Towers Watson, says nearly sixty percent of workers who were considering delaying their retirement were focused on keeping their health insurance, with over half of respondents citing the decline in their employer-backed retirement plan.

The survey of more than 9,000 workers conducted in May and June this year found that the majority of workers who have opted to keep working will have to do so for at least three more years than originally planned to pay off all their debts.

Alan Glickstein, Senior Retirement Consultant At Towers Watson Talks To KFWB’s Maggie McKay

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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