Let me start with a couple of statistics. Somewhere between 12% and 13% of working adults believe they will have to work till eternity. You may presume that this is a little defeatist. The second one may seem marginally better — a majority of us believe we will have to work till 68 years of age to keep ourselves in line with “happy retirement”.
Seeking the alternative of working at age 70 is inappropriate
In fact, the second one, though with an age boundary, seems a scary statement just as much. After all, 60 is when you are expected to pack your bags and go on the never-ending retirement vacation. Instead of going through the rigours of retirement planning and securing a decent post-retirement nest egg, we are more and more seeking the alternative of working longer to fund our old age.
What you feel at 45, you may not feel at 60
Just look at it this way. You have best intentions of working into your 70s when you are 45, but will you still feel the same way when you are nearing 65 and your body begins to take knocks of time ungraciously? And what if your body persists like Hercules but a recession comes and hits the 60+ members hard or your grandchildren bring so much joy to your life that you prepare to give your right arm away to retire and find peace with them?
Smart retirement planning is the trick
What I am trying to say here is that no matter how you look at it, thinking about long-working years is like wagering against the future and all that it might bring on the table. Smart retirement planning, on the other hand, is the trick you should employ. Work and save in a way you have enough dough by 60 to retire in peace. Whether this ‘peace’ is secured by crafty investment planning, debt reduction, or consolidation, smart budgeting or a mix of all of these depends upon you and your adviser.
You may lack time to plan your retirement and you may even have too much on the plate but it does not mean you can care to ignore a time in life which is coming at you at a speed of 7 days a week.
What is your take on workers working into their 70s?
