This week’s theme on the Retirement Quick Tips Podcast is: Retire…Never?
Today, I’m talking about one of the most common reasons why people continue to work or plan to never retire, and that is they simply can’t afford to retire.
If you’re married, there’s a 50% chance that at least 1 of you will live to age 90. So if you retire by age 60-65, which is when most people end up retiring, that’s 25-30 years to make your money last, which is a tall order.
And since most Americans are behind on saving for retirement, the retire never or retire much later option is very attractive - especially if you don’t hate your job - for shoring that up.
Retiring later is the single best thing you can do later in your working years, to remedy a shortfall in retirement savings.
The ripple effect of retiring later is powerful
- Saving more in peak earning years
- Delay social security and other pensions
- Compounding of existing retirement savings for longer
- Less years you’ll rely in nest egg in retirement
So powerful that the combination of these factors can make a huge difference in the long run just by delaying retirement by a year or two.
The problem is that you may not have control over when you retire if a health issue or life circumstances alter your plans, and that’s what I’ll talk about tomorrow.
That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.
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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance