Delaying Retirement Could Mean Working a Lot Longer Than You'd Expect
Americans are living longer these days. That's a good thing in theory, but it poses a challenge from a retirement savings standpoint. Workers today need to sock away even more money for their golden years to ensure that they don't run out, and those who fail to save adequately are often forced to delay retirement in order to boost their cash reserves.
But if you opt to delay retirement, you may end up plugging away longer than expected. In a recent MetLife survey, 21% of workers aged 55 and over have delayed retirement, or expect to delay that milestone. But what's surprising is that the average person in that category either delayed retirement by 4.4 years, or expects to delay by that long a time period. Not only that, but for 34% of older workers who delayed or plan to delay retirement, that extra time in the workforce amounts to five years or more.
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Source Fool.com
