By Leah Gorham
The vision of retirement in the United States is rapidly changing and we are beginning to see the workforce age as many people continue to work well into their 60’s, 70’s, and 80’s. According to the AARP Bulletin, the Bureau of Labor Statistics reports that between the years 2000 and 2008 the number of workers aged 65 to 69 rose 25 percent. Moreover, increases for workers in their 70’s were even higher- the 70 to 74 age group rose by 32 percent and 75 to 79 rose by 38 percent. As our economy struggles and drug and health care costs rise, many baby boomers and even Gen X-ers may not be able to comfortably retire in their lifetime. Debt is also a huge issue for Americans and recent studies show that many workers are approaching retirement with large amounts of debt. This is not the ideal situation one would like to be in as they approach retirement age.
However, late retirement may not always be a bad thing. Many people reach peak earning power in their 60’s and their expenses decrease as their kids finish college and they finish paying off mortgages. It is possible to rebuild savings and plan for a late retirement even in your 50’s and 60’s. In order to successfully plan for retirement in a relatively short time it is important to take stock of your current financial situation, think about potential opportunities and risks, look ahead and forecast where your current plan will take you, and then revise your plan with investment vehicles that fit suit your needs.
Source 1, Source 2, Source 3
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