The concept of retirement has changed significantly during the past decade. Approximately 70% of baby boomers surveyed indicated they plan to continue working beyond age 65. Due to longer life expectancy, retiring at 65 is no longer a realistic goal for the average American. For the first time in history we now have four generations involved in the workforce as older Americans balk at the prospect of twenty or thirty years of life on retirement income. More and more people in their 70’s, 80’s, and even 90’s are still on the job – many of them working full-time.

The tendency is to relax and tell ourselves we have plenty of time. Procrastination is easy when it comes to retirement planning, because it seems so far away. The reality, however, is that America, along with other industrialized nations, is rapidly aging, while retirement planning tendencies are changing little.

Don’t get too comfortable because the object in the rear view mirror is your mortality approaching at warp speed!

The age of 80 has become the new benchmark for many seniors to punch the last time clock, replacing the traditional retirement age of 65. Even at age 80, there appears to be an underlying anxiety over the possibility of “outliving” nest eggs. With ominous clouds surrounding government programs such as Social Security, Medicaid, Medicare, and Low Income Housing , the road ahead could be a bumpy one indeed for the retirement grasshoppers who have coasted through the summer, hoping winter will never come. There are many older workers who continue on the job because they really love what they do and are quite good at it. But make no mistake, there is a vast difference between fulfilling a higher purpose in life at age 95 and working to pay for prescription medications and food. Grim survival is far less fun.

Recently AARP conducted a study that yielded some alarming results about older workers in the workplace in the coming decade. By 2017 analysts predict 11 million workers who have reached age 55 will be active in the workforce. Another 7 million people age 65 will still be on the job. However, the eye popping statistic forecasts an estimated 2 million people still on the job having reached age 75. (And you thought YOUR evening commute was rough!) This unprecedented trend is likely to continue as younger members of the baby boomers juggle health care concerns, caring for aging parents, and the erosion of corporate pension plans.

Not only are traditional pensions disappearing, but health benefits for older workers and retirees are often limited or completely non-existent. It is certainly not inconceivable to have five generations ranging in age from 18-95 working side by side, only a few short years from now. While there are isolated instances of this occurring now, expect to see this type of scenario becoming commonplace.

The longevity trend continues to escalate, causing a need for societal and personal response. Failure to plan ahead means that your retirement is likely to be years later than your parents’ retirement. Early preparation can help to create a radically different picture. Good financial management can aide couples and individuals in reducing the necessity for staying in a difficult job environment long after the body has become unsuited to the strain.

Plan early, and those added years are full of choices, instead of being a burden.

Written by George D. Williams, published writer of several online and offline articles on finances and retirement.You may contact George at gfinancesmatters@q.com. 

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