Retirement: Do You Plan on Working After Age 65?

Posted March 23, 2009 by Bernz

A generation ago, it was taken for granted that people would work hard at their jobs until their 65th birthday, then retire to a life of leisure. Most companies provided their long-term employees with retirement plans that made their post-work years comfortable. retirement

Today, however, workers are navigating a whole new employment landscape. Jobs are more transient than they once were. Workers are changing jobs and employers more often. Retirement packages are not a given any more and employees are lucky to find one that provides fully for the retired life. The current economic downturn has made the situation worse. As companies downsize, employees who expected to build up retirement assets through their employment find themselves without a job. Many workers who thought they had job security have come to realize that it is mainly an illusion. Another reason for the reduction in retirement assets is the increase in self-employment.

Many small business owners put all of their money and energy into building the business and forget about building their retirement plans. With the rise in small business failure, expecting that selling the business down the road will pay for retirement is often not realistic. These situations all contribute to the new reality that many employees will have to work long beyond their 65th birthday in order to survive financially. With average lifespans in the United States of over 77 years, many retirement plans today cannot fund 12 or more years without employment income.

Do you plan on working after age 65? If so, it is important to remember that it can be difficult for older Americans to secure employment. Think about how difficult it might be to market yourself to a new employer at age 67 when what they are looking for is a long-term worker. If you do not want to work past 65, the earlier you start your retirement planning, the more likely it is that you will be able to retire. Review the balances of your 401(k)’s and other retirement accounts with your independent financial planner. He or she can help you calculate how much you’ll need to put away in additional funds to help you be able to live the lifestyle you want to live after working. Retiring at age 65 (or even sooner) is still possible with a solid financial plan and the determination to succeed. Do you have a plan?


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One Response to “Retirement: Do You Plan on Working After Age 65?”

  1. max14 Says:
    March 23rd, 2009 at 7:30 am

    Yeah, the first time I heard of retirement jobs, it sounded like a joke. But there are actually a lot of retirement jobs that available today. Another excellent source of retirement jobs that you missed is http://www.RetirementCrossing.com, they also have lots of retirement job listings.

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