Anyone revved up to work longer and retire later? Workers may not have a choice, suggests a new book, Working Longer:
The Solution to the Retirement Income Challenge.
The “retirement income challenge” refers to people living longer, yet the nation’s retirement system is contracting in its ability to replace workers’ income.
For example, 33% of women who live to age 65 will continue to live to age 90 or older. Those women will need to support themselves in retirement for almost 30 years.
The solution? Postpone retirement to age 66, say the authors. That alters the ratio of retirement to work years from 1 to 2 to almost 1 to 3 years, a more mathematically viable setup.
Many workers, particularly baby boomers, say they plan to keep working until they simply can’t. A national survey by AARP on baby boomers found that most will not retire. They may change careers, shift their positions to ones with lighter responsibilities or even work part time.
But retire at an arbitrary age? No way.
Tip: AARP offers a great list of job-source resources and web sites for older workers at: bulletin.aarp.org/yourmoney/work/articles/job_search_resources.html.
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