People are working longer than they did a couple of decades ago according to research that has been compiled by the Sloan Center on Aging & Work at Boston College.
While you may want to work even if you don’t have to, it is certainly a good idea to make this choice on your own. You don’t want to be forced to work when you are in your late 60’s, 70’s, and perhaps beyond out of financial need.
And even those who would like to be working may not be capable of doing so at some point in time, and this is something to take into consideration as well.
The Sloan Center cites a Transamerica Retirement Survey that was conducted in 2012, stating that a majority of American workers who are in their 50’s and 60’s intend to continue working after reaching the typical age of retirement. 9% said that they would continue to work full-time.
Separate research indicates that on average people are retiring two years later than they did 20 years ago.
When you are planning for retirement you have to make some decisions early on with regard to your preferred retirement age. The type of work that you do may or may not lend itself to added longevity, and this is of course going to be a consideration.
If you do want to continue working either out of necessity or because you simply want to remain active you could start to transition into a less physically demanding field if this was a factor.
The key is to look ahead pragmatically, set goals, and ultimately go forward working within an intelligently conceived retirement plan.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.