Working longer can make up for savings shortfall
Just about every article you read about retirement, regardless of your current age, will focus a lot of attention on the need to maximize your savings, starting as young as possible, to enjoy a comfortable retirement. That’s much easier said than done, especially in the earlier years of your career when family responsibilities may eat up most of your paycheck. And while it’s a reality that the wealthiest among us won’t rely on Social Security to make ends meet in their golden years, it’s also a reality that more than 85% of Americans say that Social Security is or will be a very important source of their retirement income. But what to do if you’re approaching retirement and you find your savings to be woefully lacking? Consider working a while longer and delaying your claim for Social Security benefits, which will both give you a bigger benefit check and allow you to bolster your savings. This NY Times article by Jeff Sommer explores the results of a study titled “The Power of Working Longer” and arrives at a conclusion that continuing your career even just a little bit longer can have a very positive effect on your eventual retirement. Click here to read more.