When we hear reports like the one from the National Council on Aging that shows 20% of seniors are still working full- or part-time, we assume it's because many of those folks have done a poor job saving for retirement. But with 70% of those same seniors saying they keep working because they enjoy it, working in retirement isn't all about the money. What Are These Senior Workers Doing? Experts with the Sanford Center on Longevity say our motivation for work changes as we age because we care more about how we spend our time. Older workers use their wisdom and experience to find ways to work on their own terms.
For example, about 20% of workers over age 65 run their own businesses—compared with 10% of workers overall. Others use their expertise as consultants, and others update their skills and expand their opportunities through additional training or education.
Some employers make a point to retain their older workers with phased retirement programs offering flexible hours, classes and training. These workers reduce their hours while keeping their health coverage, which in turn allows them to continue building their retirement funds. So Working in Retirement Isn't a Curse? Working past retirement age keeps you mentally fit and gives you something to wake up for each morning. Studies show that folks who continued working had fewer major diseases or disabilities, regardless of the number of hours they worked. A fulfilling work life is also associated with living longer.
Dave himself has no plans to retire. "There's a joy that comes for serving and helping and doing something for others," he says. Dave's friend and motivational speaker Zig Ziglar has also continued travelling and speaking well after his 80th birthday.  | |  | Plan for a Long Retirement Anyway If you learn anything in life, it's that your plans may not always work out. Nearly half of all retirees left the workforce earlier than planned, mostly due to company downsizing or health issues. | |
You can't count on being able to work past retirement age, so you need to plan to support yourself in retirement. An experienced investment advisor can help you create a plan to build the nest egg you'll need.
Each of Dave's investing Endorsed Local Providers (ELPs) is a professional with the heart of a teacher. Your ELP will show you the steps you need to take to save for a secure retirement.
Contact your ELP today.
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