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Working into Old Age
Money Minute
Many Americans are planning to delay retirement, but the best laid plans have a way of changing…

Deciding when to retire can be a highly personal decision. A recent study by Northwestern Mutual found that 16% of employed Americans plan to delay their retirement to age 75 and beyond. Those surveyed cited lack of savings, healthcare costs and Social Security as their primary concerns.

Retiring later in life has advantages like giving your more time to add to your savings and waiting longer to dip into your nest egg. While this kind of work ethic is a noble goal, it is important to remember that plans have a way of changing. First of all, about 60% of people are forced into retirement sooner than they had planned. In addition, unforeseen health issues for both you and your family could keep you from continuing to punch the clock in your golden years. The long and the short of it is that if you’re hoping to delay retirement with the aim of catching up on savings, you need a solid back-up plan. Keep up to date on your skills, try to trim your budget, and invest as much as you can as soon as you can when it comes to retirement.

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