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The percentage of older workers planning to hold off on retiring has increased 20 points within the past two years, according to a business research association analysis released Friday.
The Conference Board Inc. report titled “Trapped on the Worker Treadmill?” found that despite improvements in the U.S. economy over the past two years, 62% of workers were delaying their retirement plans due to financial considerations in 2012 vs. 42% in 2010.
The trend has implications for U.S. businesses, according to the researchers.
“This may benefit some businesses and industries, by reducing labor shortages and skill gaps as experienced workers stick around,” Gad Levanon, director of macroeconomic research at New York-based Conference Board, said in a statement. “At the same time, their delaying retirement can be a significant obstacle to the many companies seeking to cut costs.”
While an aging workforce has implications for workers compensation costs, a report last year by Boca Raton, Fla.-based NCCI Holdings Inc. found that the impact is far less negative than previously suspected.