From the New Haven Register, Eric Tashlein covers the realities of staying in the workforce past 65. He draws on research from a 2017 Transamerica Retirement Survey.
Many workers are not saving enough to … support their vision of retirement,” said Catherine Collinson, president of the Transamerica Center for Retirement Studies. “Given increases in longevity, working as long as possible is a practical solution. However, it’s unclear whether employment opportunities will be available.
More than half of American workers plan to work past 65. The reality today is only 25% of those over 65 are working today. The financial realities are coming up short. The article calls out some important planning to consider.
Given the unpredictable nature of work and the possibility of health situations interrupting your post 65 work life, this income should be considered “extra”, not what you depend on. Your retirement savings and investments should be the primary source of income.
Your savings have to go a lot further. Longer lifespans mean that what you’ve calculated for your monthly needs will now need to stretch to age 90 and up.
Keep your job skills up to date. You’re competing for jobs where digital-first workers have an edge. Sure, you bring wisdom and a “been there done that” understanding of situations but you’ll need to stay current in your field.
Link to the full article: CONNECTICUT MONEY: Working after retirement age may not work out