Number of Americans Delaying Retirement Beyond Age 70 Increases Because of Economic Crisis

OAKLAND, CA, Jul 13 (MARKET WIRE) --
The current economic crisis is having a lasting impact on many older
Americans, forcing them to make difficult financial decision because they
have so little time and resources available to them to recover from
losses in the housing and financial markets.

A new survey from Golden Gateway Financial shows that these losses are
causing many seniors to consider retiring at a later age than originally
planned. The survey asked Americans aged 62-and-older how the economic
crisis was affecting their retirement plans. Not surprisingly, the number
of respondents planning to retire after age 70 because of the economic
crisis increased substantially from those planning to retire at that age
before the crisis.

"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."

Overall, the survey found that many seniors understand exactly how the
economy is affecting their retirement finances and plans. It also
illustrates the concern that many seniors have about the prospects for
their continued ability to sustain retirement. Additional
observations
include:

-- Before the economic crisis, 67 percent of respondents planned to
retire before age 70
-- Now, the number of seniors planning to retire by age 70 dropped to 40
percent
-- Before the economic crisis, 30 percent of those surveyed planned to
retire after age 70
-- Now, almost 50 percent of seniors plan to retire after age 70
-- More than 40 percent of seniors polled said the current economy has
had some kind of negative affect on their ability to retire
-- More than 50 percent of respondents said they are concerned that their
overall net worth may no longer be enough to sustain their retirement
-- 86 percent of seniors said they had a reasonable understanding of
their net worth, and 50 percent said that net worth had declined by between
10 and 30 percent

The independent online survey, conducted with United Sample, Inc.
(www.unitedsample.com) in partnership with Golden Gateway Financial,
polled a nationwide representative sample of more than 500 senior
citizens aged 62 or older. A complete list of questions and percentage
answers are available at the Golden Gateway Financial website or by
contacting the company.

To learn more about Golden Gateway Financial or to access the company's
entire suite of retirement resources and tools, including its
award-winning reverse mortgage calculator, please visit
http://www.goldengateway.com.

About Golden Gateway Financial

Golden Gateway Financial (www.goldengateway.com), located in Oakland,
California, is a comprehensive resource for senior citizens, baby boomers
and soon-to-be retirees to assess their financial health at retirement.
Through a unique set of online tools and clear and unbiased communication,
the company helps individuals address "The Great American Retirement
Dilemma." The tools enable users to better assess the security of their
nest egg and to make intelligent choices to fully enjoy what should be the
best years of their lives. The company also operates the industry's
premier reverse mortgage and life settlement services with innovative new
calculators and products for each, and a team of trained counselors to
help seniors better understand the products and evaluate whether they are
right for them.

Press Contact:
Michael Azzano
Cosmo PR
415/596-1978
Email Contact

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