Retirement age no longer a set number
Age 65 has gone by the wayside over concerns about money
Once upon a time, people dreamed of retirement at age 65, turning in their time cards and moving on to enjoying their golden years.
Now, experts are suggesting that people adjust that dream slightly, at least until age 70.
For some, that number may sound disappointing. Five years may not be the end of the world, but when one has spent a good portion of their working years daydreaming about 65, five more years might sound like an eternity.
Essentially, our longer lifespans are necessitating more savings to fall back on in retirement.
According to The Associated Press, working longer can allow people to save more money for retirement, and it also means one can draw Social Security benefits later, which will also boost income during retirement.
For many, the “American dream” includes retiring, and having the means to support oneself during that time without actually working — or not working as hard.
The magical age of 65 appears to be going the way of the unicorn, though. USA Today reported on a study that found 16 percent of Americans plan on working until age 75 or longer. And another 38 percent plan on working to age 70 or longer, with only 33 percent planning on retiring in the traditional 65-60 age range.
The reasons vary, from not having enough savings to worries about healthcare costs and Social Security. Some also like working, and are not willing to give up that part of their lives.
There are benefits to both sides of the argument. The longer one works, the more funds one will have to enjoy in retirement, and to cover possible medical costs and needs. Working can also help keep people mentally sharp.
But on the other side of the equation is the argument that one wants to enjoy one’s golden years — a time to check items off one’s life goals list before time runs out.
What do you think, readers? What age is the magic number for retirement, if money wasn’t an issue or concern? Let us know. Share your thoughts online at www.YumaSun.com, or send us an email at letters@ yumasun.com.
DO YOU AGREE WITH THIS OR NOT?