More than half of the advisors say a majority of their clients are delaying retirement, according to a retirement income survey that was conducted by MainStay Investments.
About 61 percent of those polled say 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.
Forty-six percent of the advisors cited loss of assets in late 2008 and early 2009 as the top reason clients are postponing retirement, while 40 percent listed healthcare costs as the next most important reason.
Almost all of the advisors (91 percent) surveyed indicated that they have made changes to their clients' portfolios in the wake of the market downturn. More than half (61 percent) said they had too big of an exposure to equities.