When thinking of retirement, the advice these days is to save more, invest more aggressively, and/or work longer. Most people are just “ok” at saving, so most will have to work longer, in order to afford retirement. Experts are saying we will need to work until we are in our 70’s or 80’s now!
Well, it turns out that working longer is indeed an option, according to the Employee Benefit Research Institute latest study. The only problem is that the latest research shows that you’ll have to work much longer than you anticipated.
In fact, many of us will have to keep on working well into our 70s and 80s to afford retirement. One bright spot, is that working works: it has been know to increase retirement income adequacy by 25% to 50%.
When you think about working until your 80, how does that make you feel?