FEDweek

How to Prepare for a Longer Working Career

Nearly two-thirds of baby boomers plan to work beyond 65, including some who expect never to retire, and among those who expect to retire about half expect to have at least some employment during that time, according to a study by the TransAmerica Center for Retirement Studies.

They are seeking a more flexible, phased transition into retirement and “the crux of their vision is born out of today’s realities including the prolonged recovery from the Great Recession and retirement savings shortfalls as well as the extraordinary gifts of increased longevity, active living, healthy aging, and opportunities to stay engaged and involved,” it said.

Common reasons for either delaying retirement or continuing to work even after retirement include need for income and employer sponsored health benefits, but significant numbers want stay involved or simply like what they do.

For those hoping to keep working long, a key is to take proactive steps including staying healthy, networking, keeping up on the employment market, keeping job skills up to date and getting further education. Also important is monitoring projected retirement income needs, including developing a written strategy, seeking guidance from professional advisors, and having frank discussions with families.

Also important is to have a “plan B” for the chance of being compelled to retire earlier than expected for health or other reasons.