More Seniors Working into Retirement

June 12, 2013

Filed under: Retirement Planning — admin @ 8:00 am

When most younger Americans picture their retirement, they see themselves relaxing and enjoying warm weather on a golf course or perhaps behind the wheel of an RV. Unfortunately, the reality for most Americans of retirement age is just the opposite, as they are forced to work past age 65.

English: A Malay man playing golf at Colmar Tr...

(Photo credit: Wikipedia)

A survey of 3,600 workers published in a recent article revealed that, in May of 2012, 56% of workers stated that they plan to work after age 65. Additionally, 54% of workers responded that they will continue to work after they retire. Working into retirement does not have to be a reality for all seniors. The article suggests several things workers can do in order to provide themselves with the best possible chance at a long retirement.

First, it can be beneficial to put a higher percentage of your life savings into risky investments. Risky investments are typically a good way to compensate for low interest rates on “safe” accounts. For some retirees, reverse mortgages and annuities may also constitute a partial solution for a difficult financial situation.

Additionally, many senior citizens should consider scaling back on unnecessary expenses now. Scaling back may include reducing living expenses and re-evaluating retirement expectations and goals. Although it may be difficult to scale back on expenses, reducing unnecessary expenses now often means that seniors don’t have to forgo the things that are truly important later, like traveling to visit their grandchildren.

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