Recession Prompts Financial Executives To Rethink Retirement

Recession Prompts Financial Executives To Rethink Retirement - 2/12/2009

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Recession Prompts Financial Executives To Rethink Retirement
Staff Writer

AccountingWEB.com. February 12, 2009
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EXCERPT: Executives may be spending more of their golden years on the job than on the golf course, a new study suggests. In fact, more than half (52 percent) of chief financial officers (CFOs) surveyed recently stated that they are delaying or reconsidering their retirement plans. The majority (62 percent) who intend to extend their working years attribute the change in plans to the economy. The survey was developed by Robert Half Management Resources. It was conducted by an independent research firm from December 17, 2008 to January 14, 2009, and is based on interviews with more than 1,400 CFOs across the United States. CFOs were asked, "How, if at all, have your retirement plans changed in the last five years?" Their responses: Your retirement plans have not changed- 43% You plan to spend more time working than you did five years ago- 27% You have more uncertainty and cannot predict when you will retire- 25% You plan to spend fewer years working than you had intended five years ago- 5% CFOs who plan to spend more years working also were asked, "Which one of the following is the primary reason your retirement plans have changed?" Their responses: The economy (e.g., stock market, 401(k))- 62% You plan to spend more time working than you did five years ago- 27% Social security concerns- 11% Healthcare system- 10% Change in family needs- 9% Renewed desire for the stimulation work provides- 2% Other- 2% Don't know/no answer- 4% "Employers may reap unexpected benefits from experienced workers who delay retirement, as their deep knowledge and skills will remain available to the firm," said Paul McDonald, executive director of Robert Half Management Resources.

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