FORGET ABOUT YOUR GOLDEN YEARS. Financial advisors tell older workers to hold on to their fulltime jobs longer.
That’s because you’re living longer these days and can’t afford to retire at 65. You haven’t saved enough money to provide for your needs over the next twenty or so years. The cost of living keeps going up. And so do your taxes. Besides, who can afford to cover costs on social security checks alone.
“The more one works, the less likely they’ll worry about running out of money during retirement,” says financial planner Robert Karn in a printed report. So forget about your golden years and hold on to your full time job for as long as you can. If you can’t work full time, find a part-time job where you can bring in an annual income of $25,000 or so.
Seniors shouldn’t look at keeping on keeping on working as punishment. A University of Maryland study showed seniors who continued to work past 65 had fewer disabilities and diseases than those who took early retirement.