For many people who are planning their estates, one of their main goals is to protect their assets for themselves and their loved ones as they head into retirement. With that in mind, once they start to create their plans, some may plan to delay their retirement by a few years, in order to continue working and build up more savings.
Indeed, many financial planners and other professionals often recommend that people work later in life in order to save up for retirement.
In one survey of American workers, 29% said they planned to keep working until age 70 or older in order to save up for retirement – or to never retire at all. In fact, the actual number who retired at 70 or older was only 7%. In fact, many workers are forced to retire before 65. Currently, the median age for retirement in America is 62.
Caring for self and loved ones takes time
The authors of “Overtime: America’s Aging Workforce and the Future of Working Longer” studied the problem and found a major problem with the common advice about working longer.
They studied a group of older American workers and found that the main problem with the “work longer” advice is that it assumes that everyone has the option to work longer if they want to. In fact, many people drop out of the workforce earlier than they intended due to forces beyond their control – particularly because they must spend more of their time taking care of their loved ones and their own health needs.
The author’s findings illustrate how important it is for New York residents to create estate plans that take into account their own financial needs.