ARLINGTON, Va. - Medicare, Social Security, pensions and 401(k)s are all on the checklist for potential retirees. But more older workers are delaying retirement as they find their nest egg isn't enough to live on during the recession.

Jack Everett, 64, thought he'd be retiring about now. But because of the market meltdown, he's afraid to even look at his 401(k), which has plummeted 40-percent, he guesses.

"If I looked at it, it would be, in a sense, counting my chickens," he said, "and you really can't count on your 401k anymore."

Like some workers 20 years his junior, Jack is making changes so he'll be ready for retirement -- whenever it comes.

"I've reduced my participation in [my company's] 401(k) [program] to increase my paycheck, so I can make sure my debt is lowered," Everett said, adding: "I'm refinancing my mortgage."

» read the AICPA survey

A recent survey by the American Institute of Certified Public Accountants shows 35 percent of those approaching retirement age are delaying their retirements. Two-thirds of those at or near retirement age plan to work as another five years.

According to CPA James Warring, "People are just very afraid that they've saved enough money for long-term retirement plans. So what we're seeing is that 70 is the new age 65."

Everett works with Joel Reaser, 68, who also had planned on retiring this year. Not anymore.

Those of us who've been fortunate enough to have good careers see our kids struggling with theirs," Reaser said, "and would like to be in a position to help out from time to time."

Both men, fortunately, say they love their jobs. A report from the Urban Institute says the unemployment rate for workers over age 65 reached five percent in December -- a 31-year high. Analysts say it demonstrates the job market is getting tougher for older people who need to keep working.

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