A large majority of baby boomers are delaying their retirement by an average of five years,according to a new study.

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The study, Middle-Income Boomers, Financial Security and theNew Retirement, was conducted by Bankers Life and CasualtyCompany Centerfor a Secure Retirement. It found that 73 percent of America'smiddle-income baby boomers are rethinking their retirement thanksto the economic crisis, and of those, nearly 8 in 10 (79 percent)are delaying their retirement by an average of five years.

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Additionally, 14 percent of boomers believe they willnever be able to retire due to the turbulent economy,according to the study, which focused on 500 middle-incomeAmericans between ages 47 and 65 with incomes between $25,000 and$75,000.

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There are several factors contributing to this shift in retirement ageand timing for the middle-income Baby Boom generation. According tothe study, 71 percent worry about outliving their money once theyretire, 68 percent have experienced a decline in the value of theirretirement accounts within the past three years and 55 percent havesaved less than $100,000.

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Additional study findings include:

  • In light of the recent decline in the economy, working inretirement is fast becoming a new reality for many middle-incomeAmericans. The study found that 75 percent expect that theirretirement will involve work in some form and more than half (57percent) say that they will have to work for financialreasons.
  • While most people expect that they'll be able to choose whenthey retire, two-thirds (64 percent) of survey participants areconcerned about being forced to retire, most commonly due to lossof employment (44 percent) or failing health or disability (40percent).

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