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Planning on working later in life? How’s that going to work out for you?

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Not saving enough for retirement?  You might be thinking that you’ll just work longer to make up for that shortfall.  You’re not alone.


According to a survey from our American neighbours (Retirement Confidence Survey from the Employee Benefit Research Institute) 36% of workers, up from 11% in 1991, expect to work beyond age 65.   Ten percent plan to never stop working.


Reality check: the median retirement age has been stuck at age 62 since 1991.  Those are big gaps between expectations and reality.


I don’t think the picture is much different up here in Canada.   Health and employers don’t always cooperate.   People get sick or injured and corporations regularly package off older workers in favour of younger, cheaper workers.  You probably know people who have left the workforce before they intended.


What to do?


Take control over what you can control, ie saving.  Have a close look at your savings habit (never too late to start one!).  If you already make regular contributions, can you increase it?  Try to increase it at least once a year.  


It’s all about risk management.