Retirement planning experts are noticing a growing trend among the nation’s older citizens. A higher percentage of people who are in their mid-50’s and beyond are remaining in the workforce.
According to the Sloan Center at Boston College, the number of individuals who are at least 55 years of age who are still on the job has increased by 10% over the last 20 years. The average retirement age has risen by two years over what it was in the mid-1990’s.
There are various different reasons why people are choosing to work longer these days. One of them is obvious: financial need.
If you don’t particularly want to continue working after attaining senior citizen status, you must work within a customized long-term financial plan that leads to a comfortable retirement. Social Security alone is not going to provide you with the income that you need to live comfortably.
On the other hand, some of the older Americans who stay on the job do so because they enjoy the work. There is certainly nothing wrong with this, and the financial benefits are very real if you are earning a good paycheck while you are drawing a Social Security benefit.
However, even if your intention is to keep working until the bitter end, you still need to feather your nest for retirement. There are no guarantees with regard to your health and your ability to stay on the job. And even if you can work, you can’t be certain that a position will be available to you in a tight job market when you are in your 70’s.
We encourage you to consult with a qualified financial advisor in order for you to develop a well-thought out and reasonable plan for retirement.
- The SECURE Act – the Gift That Keeps On Giving - September 28, 2023
- The Importance of Hiring a Probate Attorney (VIDEO) - September 27, 2023
- IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis - September 14, 2023