Working past 65 is a good plan, unless…

Jul 17th, 2019 | By | Category: Personal Finance/Business

Many Baby Boomers have every intention of staying on the job beyond age 65, either because they want to, they have to, or they desire to maximize Social Security checks. But that plan could backfire.

Consider this: Fifty-three percent of workers expect to work beyond age 65 to make ends meet, according to the Transamerica Center for Retirement Studies. Yet, you can’t count on being able to bring in a paycheck if you need it. While more than half of today’s workers plan to continue working in retirement, just 1 in 5 Americans age 65 and over are actually employed, according to U.S. Department of Labor statistics.

You could be forced to stop working and retire early for any number of reasons, according to the Transamerica Center for Retirement Studies. Health-related issues — either your own or those of a loved one — are a major factor. So, too, are employer-related issues such as downsizing, layoffs and buyouts. Failing to keep skills up to date is another reason older workers can struggle to get hired. The actionable advice: Assume the worst, and save early and often. Only 28 percent of baby boomers surveyed by Transamerica have a backup plan to replace retirement income if unable to continue working.

Source: Kiplinger Retirement

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