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.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.