Are you planning on pushing your retirement age out as far as possible, or continuing to work part-time during your retirement years? A growing number of people are following this path, driven partly by enjoyment of their work and partly by economic necessity. In addition, since people are living longer in general, retirement may require planning for 25 years or more of post-retirement income. How would a potentially longer career and lifespan affect your retirement plans?
If you haven’t considered how much money you will need in retirement, you should do so without delay. There are a variety of helpful retirement calculators online allowing you to run different scenarios about your income, lifespan, retirement ages, and savings scenarios. Before moving forward, run some numbers to determine your baseline needs and how they will change with respect to a longer life and/or career.
Consider these three major impacts of a longer career/life: