(KELO) – The days of retiring at age 65 might soon be a thing of the past.
A new Bankrate.com report finds 70 percent of Americans plan to work as long as possible.
However, if you do want to retire at a certain age, what can you do to meet that goal?
Rod Carlson’s retirement was short-lived. After leaving the working world at age 66, he returned six months later.
“I had to have a purpose when I got up in the morning,” Carlson said.
Carlson is now the director of public relations and marketing at Active Generations.
“People tell you that in order to stay vibrant and extend your life and enjoy your grandkids, you have to keep your brain engaged, and you have to stay active. That’s why I knew I had to do something,” Carlson said.
It appears a growing number of people are holding that same belief. Of the 70 percent of non-retired Americans who plan to work as long as possible, 38 percent plan to keep a job because they like their work. 35 percent say they need the money, and 27 percent say both.
“Statistically about half of the people in the United States have under $10,000 saved for retirement,” Dave Starr, Regional Managing Director at Principal Securities, said.
While it’s never too late to start saving, Starr says if possible, you should come up with a plan in your 20s.
“People find themselves in that 45 to 55 range, and they really don’t have a plan of any kind,” Starr said.
Starr recommends checking into your employer’s retirement plan. You might have an employer match.
“That is somewhat of free money to you, so in other words if you’re putting in six percent into your 401k and get a three percent match, that’s a pretty good deal. That’s three percent you wouldn’t have gotten if you hadn’t put that six percent in,” Starr said.
If your employer doesn’t have a financial plan, Starr recommends seeking help from a professional, whether it’s a financial advisor, CPA or attorney.
“Because many times we’ll see people go up into their 40s, 50s or 60s, and they’ll just sort of arrive, rather than arriving with intentionality,” Starr said.
Carlson says his job is intentional. He likes working just 20 hours per week and being able to set his own schedule.
“Having a few extra dollars and delaying pulling from the pot is nice as well,” Carlson said.
The survey also found that more than 30 percent of millennials don’t think they’ll receive any money from Social Security when they retire.
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