Always look for a better backup retirement plan
Since the Great Recession started nearly five years ago, the number of older Americans in the workforce has increased significantly. By some estimates, there are roughly 25 percent more people age 65 and older who are still on the job. And while some older workers simply enjoy going to work every day, financial strains have forced many others to continue working.
Working longer could help you overcome shortfalls in your retirement savings. But because that might not be enough, make sure your alternative strategy goes beyond logging a few extra years as an employee. “Anybody who plans on working after 55 needs a Plan B, even if they’re very happy with their career,” says Donna Peterson, Senior Vice President in Retail Retirement at Wells Fargo. “Things can change quickly.”