Working longer and waiting to collect Social Security
It once was fairly normal for big employers to have a pension system known as a “defined benefit plan”, where folks worked for many years and then retired with a pension for life which, when coupled with Social Security, meant that retirement was a fairly well financed event. With defined benefit plans pretty much a thing of the past now, those entering retirement may find financial challenges as they look through the doorway to their golden years. Well, with longevity increasing as it has, age 70 has become the new age 65, meaning that many people are choosing to continue working well past the traditional retirement age, and by doing so improving their financial status and Social Security income. This article by Mickey Kim appearing in the Indiana Business Journal and talks about how continuing to work throughout your 60’s can set you up well for a comfortable retirement. Click here to read more.