Business owners putting off retirement thanks to weak economy

There's little doubt that small business owners have been disproportionately affected by the economic recession - from stalling hiring efforts to putting off plans for expansion. Now, struggling owners are considering delaying retirement to cope with economic conditions.

Business owners are not planning to cut back on work or retire until at least age 65, the latest Wells Fargo/Gallup Small Business Index finds. Sixty-nine percent of owners indicated that they did not anticipate slowing down until they reached that age.

Furthermore, 62 percent of business owners surveyed said that they had made changes to their retirement plans due to economic conditions, with 68 percent indicating that they are worried about whether they will be able to recover lost retirement savings.

Since the fourth quarter of 2007, the number of individuals believing they will have enough money to comfortably retire has declined dramatically - from 79 percent in 2007 to 63 percent this year.

A recent retirement survey from Charles Schwab revealed similar worries. The poll found that 38 percent of individuals aged 50 to 60 plan to work a few extra years due to the economy.