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You May Never Be Able to Retire

Sounds ominous, doesn’t it. And quite depressing. After all, you’ve worked hard for years — perhaps at a job you really don’t enjoy — anticipating the day when you would walk out for the last time, financially secure and with golden years of retirement ahead of you. But the hard truth is, you may never be able to retire.

You may never be able to retire

What happened? What went wrong? The answer is complicated, but the fact remains that “nearly one-third, or 30% [of middle-class Americans], now plan to work until they are 80 or older — up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000.”

Overall, 70% of respondents plan to work during retirement, many of whom plan to do so because they simply won’t be able to afford to retire full time.

The real kicker is that even though many of us will need to work into our 80s and beyond, we may not be able to — at least at the kind of work we know.

Nearly three-quarters of those who plan to work into their 80’s say their employer won’t want them working when they’re that old, for example. Other roadblocks, like health issues, could arise as well.

The future looks pretty grim.

Those who are unable to work as long as they intend could therefore face a very grim reality. In fact, more than one-third of Americans could wind up living at or near poverty in retirement….

Even if you just have a few years until retirement, there are things you can do to prepare, like pay down your debts and downsize. That big house you needed when the kids were growing up may be more than you need — or want! — as you get older.

A source of potential income — since you’re probably going to have to work anyway — is your hobbies and the dreams you postponed when you needed every penny to raise the family. There’s probably some way you can leverage those interests into additional retirement revenue. You may never be able to retire, but there are ways to make your golden years rewarding, productive — and profitable.

Click here to read about more Americans delaying retirement.

Posted in Creating a Personalized Retirement Plan, Planning for Your Retirement, Retirement Plan ChallengesComments (0)

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