Never Retiring Might Be Better Than You Think

What do people think of when they envision retirement? Travel, leisure and every day a lazy weekend day. But there are a few problems with this gauzy scenario, starting with the money. The hard truth is that many people aren't able to save enough. The only option is to keep on earning in order to live.

If you find yourself unable to retire, the solution to existential despair may be to find some satisfying work. The AARP website is filled with great advice and info on working in your retirement years. And you won’t be the only one considering this: The share of people older than 75 who still work is expected to grow from 8.9% in 2020 to 11.7% in 2030. It’s the only age group tracked by the Bureau of Labor Statistics that’s estimated to expand over the 10-year period.

Just because you’ve been in a profession doesn’t mean you have to stay in it. A career change may bring some much-needed inspiration to your work life. Frank Lieberman — an entertainment consultant quoted in the AARP story — started a website and app when he was over 70. His take? “The minute you go sit in a rocking chair or somewhere on a bench, it’s over.”

For more on a never-retirement, read Mary Ellen Cagnassola’s story.

— Jill Cornfield, deputy editor

Pensions — aka defined benefit plans — are still around, believe it or not, and according to research from the Insured Retirement Institute, a lucky 16% of private sector workers can look forward to a guaranteed income stream when they retire. Many others, though, aren’t so fortunate. The average retirement savings of Gen X, who are now in their peak earning years, won’t be enough to support them in retirement, the report found.

• Was retirement better 50 years ago? Possibly not. Here’s why Social Security may be better than a pension.
• Confused about the five-year rule on Roth IRAs? Answers to all your Roth questions are here, including info on backdoor conversions. (Podcast)
• Retirement travel is a common goal. This couple turned their love of travel into an actual retirement plan.

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