skip to Main Content
Here’s Why A Late Retirement May Be A Bad Idea

Here’s Why a Late Retirement May Be a Bad Idea

When it comes to managing finances, many people struggle to keep up with expenses like rent, utilities, credit cards, and student loans. With so many obligations, saving for retirement becomes less of a priority. In fact, according to a 2016 GoBankingRates survey, one in three Americans have no retirement savings at all. (See also: 7 Retirement Planning Steps Late Starters Must Make)

If you haven’t started saving yet, or your retirement account isn’t enough to provide for you, you may be thinking of an alternative strategy. Many people plan on working well into their 60s or 70s rather than depending on their retirement accounts for income.

However, while many people expect to work at least part-time through their retirement, it doesn’t always go according to plan.

Health issues

While you may expect to be strong and healthy well into your 70s, the reality can be quite different. Your health may deteriorate suddenly, requiring medical attention and rest. Or, you may experience an accident which limits your mobility. You may be physically unable to work, even on a part-time basis. If you relied on working into your retirement to fund your lifestyle, a health emergency can leave you destitute.

When it comes to retirement, you should save with the idea that you may not be able to work at all later in life. If you are healthy in your golden years and…

Leave a Reply