Is 70 the New 65?
For many workers, age 65 is an important milestone. It’s the earliest eligibility age for full Social Security benefits for many Americans. It’s the age at which you become eligible for Medicare. It could also be your eligibility age for a corporate pension. For a broad range of reasons, age 65 is often generally considered to be a traditional retirement age.
However, many workers are now rethinking that idea. In fact, according to a recent study from CareerBuilder, 30 percent of workers age 60 and older say they won’t retire before age 70. An additional 20 percent plan to never retire. That means half of all workers over age 59 say they will work at least another 10 years.1
How confident are you that you will have enough income and assets to support a comfortable and enjoyable retirement? If you’re like many Americans, you may not be completely confident. According to a 2016 study from the Employee Benefit Research Institute, only 21 percent of Americans say they’re “very confident” that they will have enough money to live comfortably through their retirement years.1
That lack of confidence could stem from a number of issues. Many workers may still be feeling the effects of the recession of 2008-09. Others may be suffering from the reduction in pension programs offered by employers. And many people could simply be behind on their retirement savings efforts.
First Fidelity Group
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