NEW YORK -- Once looking forward to upcoming retirements, many Americans are having to put those plans on hold.

An American Institute of Certified Public Accountants recent survey of 191 CPAs found that 67% of their clients who are postponing retirement, plan to delay it up to five years. Nearly 35% of their clients who are approaching retirement age are postponing leaving the workforce because of recent economic conditions.

"What this suggests is that 70 is the new 65," said AICPA Vice President James Metzler. "People are living longer and getting more satisfaction from working later in life. At the same time, the market downturn has reduced wealth and CPA financial planners are seeing clients delay retirement plans as a result."

Sixty percent of the CPAs' clients are postponing vacations, 52% are postponing car purchases and/or the buying or selling of a home, and 42% have cancelled home renovations. Only 11% of CPAs have clients who have no plans to change their current spending, according to the survey.

The AICPA survey was based on client information from 55% of CPAs who managed less than $1 million in assets and 42% who managed more than that amount. Three percent did not respond.