It’s easy to feel full-on panicked about easing out of work, given all the dire news on the topic. According to US Census and JP Morgan Asset Management, 74 percent of Americans are behind on their retirement planning.
But a recent study called “The Power of Working Longer” offers a possible solution to the cash-short fears: Keep working! The report found that by staying in the work force even just three or six months longer than your official earliest retirement date can boost the money you’ll have for retirement as much as if you upped your savings by one percent annually for the last thirty years.
If you think about it, working a bit longer isn’t so bad. Not only does it keep the money flowing and keep people engaged, it’s also something many of us are remarkably capable of. The life expectancy of Americans has increased from 67 years in 1950 to 78.7 today. It’s not as if delaying retirement has people working into the grave, as the turn of phrase goes. In fact, age 65 is truly pretty close to “the new 50,” as the media likes to say. Something to think about as we all sit with our calculators and contemplate what’s ahead – and how to afford it.
–Janet Siroto
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