The “I’ll Work Forever” Fallacy

Delaying retirement gives you more time to save and reduces the number of years your savings needs to last.  The proportion of workers who expect to retire after age 65 has increased from 11% in 1991 to 36% in 2013.  Few retirees actually manage to delay retirement.  Only 14% percent of current retirees retired after age 65, largely because almost half (47%) of retirees say they retired unexpectedly, often due to health problems or disabilities, a downsizing or business closure, or having to care for a spouse or other family member.

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