Money worries have driven many silent generation workers to stay on the job well into their 80s and 90s. Memories of the Great Depression fuel the fear that there will not be enough money to live comfortably or meager Social Security benefits necessitate a second paycheck. While the average age of Social Security claimants is 63.9, they are continuing to work longer. The number of workers 65 to 69 increased 25%, 70 to 74 increased 32%, 75 to 79 increased 38% and 80+ workers increased 67%.
Increased longevity has also given those over 60 the opportunity to extend their careers. Today America has 100,000 centenarians. But these “bonus years” also require funding. The Center for Retirement Research at Boston College indicates that 52% of older Boomers will potentially be unable to maintain their standard of living after retirement. This unfortunate trend is projected to continue for 64% of young Boomers and 71% of Gen X. Overwhelming debt along with rising healthcare costs will continue to place pressure on worker assets. Even those who have lived within their means and saved religiously could face delayed retirement plans.
While this may sound discouraging, only one generation has been able to retire into the fantasy invented by the financial industry. Throughout history, humans have worked from coming of age to their end of age. Although working longer is likely in our future, so is a retirement that could last 10-15 years given the projected 20-40 year extension of our life expectency. With all the emotional and financial considerations, we can’t stress enough how critical life planning will be. Start today by visiting www.myplanafter50.com and begin the thought-provoking work to establish the vision for your next phase of life. Got a plan? Request a coach who can support your efforts in making your life plan a reality.
Filed under: Financial, My Plan After 50 Musings | Tagged: debt, heathcare, social security, the Great Depression
