The current economic crisis is having a lasting impact on many older Americans, forcing them to make difficult financial decision because they have so little time and resources available to them to recover from losses in the housing and financial markets.

A new survey from Golden Gateway Financial shows that these losses are causing many seniors to consider retiring at a later age than originally planned. The survey asked Americans aged 62-and-older how the economic crisis was affecting their retirement plans. Not surprisingly, the number of respondents planning to retire after age 70 because of the economic crisis increased substantially from those planning to retire at that age before the crisis.

Unfortunately, even though some economists are beginning to grow optimistic, older Americans continue to feel real pain and must make hard trade-offs and decisions. This is the worst possible time for the 40 percent of seniors now considering delaying retirement to be searching for jobs. It's unfortunate that the hopes and dreams of these retirees are being put on hold.

Overall, the survey found that many seniors understand exactly how the economy is affecting their retirement finances and plans. It also illustrates the concern that many seniors have about the prospects for their continued ability to sustain retirement. Additional observations include:

• Before the economic crisis, 67 percent