The average age for retirement is increasing. More and more aging boomers are choosing to work longer; some because they need to; a growing number because they want to. And work is becoming one of a number of activities that is forming part of the evolving definition of that "R" word.
Sure, you can always work longer. A 2014 study found that over ½ of Canadians expected to be working at age 66 (2014 Canadian Retirement Index). The reality is that experience and statistics don’t support that probability. It's another one of those retirement myths I have written about in the past. Working longer is not always an option because staying on the job is not a given. Your job or company may disappear. Your health or that of a loved one may trigger an early retirement for you. Consider the following statistics:
~ 1/2 |
of workers retired earlier than planned. |
20% |
of retirees had as little as one month or no notice before retiring. |
65% |
had less than one year to plan the next 30-40 years of their retirement. |
22% |
of people retire earlier because of health reasons. |
~ 3/10 |
of those surveyed said a significant health issue or decline has affected them or a family member in the last year. |
42% |
of younger boomers have already been a caregiver, are caregivers now or expected to be one in the future. |
2014 Canadian Retirement Index 2013 Retirement Myths & Realities Poll 2012 LIMRA Retirement Study |
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The impact includes:
If you are or become one of these statistics, have you saved enough for what could be a longer retirement? Have you made provisions for what could be a more expensive retirement?