By Roberto Ceniceros, Crain News Service
CHICAGO (Feb. 5, 2013) — The percentage of older workers planning to hold off on retiring has increased 20 points within the past two years, according to a recently released business research association analysis.
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 percent of workers were delaying their retirement plans due to financial considerations in 2012 vs. 42 percent 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.
This report appeared in Business Insurance magazine, a Chicago-based sister publication of Tire Business.