Even CFOs are Worried About Retirement

It’s no secret that Americans in general are worried about having enough money to retire and are planning to delay retirement beyond what they were thinking a few years ago. But it’s something of a surprise that Chief Financial Officers at 1,400 U.S. companies are delaying retirement and often have no idea when they’ll retire, according to a survey by Robert Half & Associates. There are a number of reasons CFOs are thinking about extending their careers. Poor investment returns and having to care for adult children are the most prominent reasons give.

The CFOs probably have an easier time extending their careers than many others. Most say they want to transition into retirement with several years of part-time or consulting work. Companies are often eager for such arrangements to transition into their new CFOs.

But 38% said they are more uncertain and cannot predict when they’ll retire. And another 7% said they plan to spend more time working than they did five years ago.

“Economic trends and personal demands are causing many executives to re-examine their retirement plans,” Paul McDonald, Robert Half senior executive director, said in a news release. “A growing number of professionals nearing the traditional retirement age are exploring project and part-time work so they can continue their careers, while gaining the flexibility to gradually transition into retirement.”