More working until they drop

The Great Recession is pushing retirement beyond the age of 70.

Before the economic downturn, 30 percent of Americans planned to retire after 70. Now that number is 50 percent.

Also before the economy got its knickers in a knot, 67 percent of those surveyed planned to retire before age 70. Now only 40 percent have such plans.

Oakland, CA-based retirement planner Golden Gateway Financial surveyed 500 people aged 62 and older and discovered, not surprisingly, more than half were concerned that their overall net worth may no longer be enough to sustain their retirement.

"Even though some economists are beginning to grow optimistic, older Americans continue to feel real pain and must make hard tradeoffs and decisions," said Eric Bachman, founder and CEO of Golden Gateway Financial.

"This is the worst possible time for the 40 percent of seniors now considering delaying retirement to be searching for jobs. It's unfortunate that the hopes and dreams of these retirees are being put on hold."

The survey also found:

• More than 40 percent of seniors polled said the current economy has had some kind of negative affect on their ability to retire

• The vast majority, 86 percent, said they had a reasonable understanding of their net worth.

• Half, 50 percent, said their net worth had declined by between 10 and 30 percent.