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Just keep working: the new retirement strategy

The number of labor force participants over age 65 has increased about 22 percent in the past three years. Many individuals who thought they would be able to retire when they reached age 65 are reconsidering because of the economic downturn and lack of savings. So they just keep on...

By Paula Aven Gladych | Updated on December 07, 2011
Irene Olsen works in Milford, Conn. Olsen 95 works 20 hours a week at the Milford Senior Center to pay for rising taxes and utilities. (AP Photo/Douglas Healey)

Many individuals who thought they would be able to retire when they reached age 65 are reconsidering because of the economic downturn and a sudden realization that they haven’t saved enough to live comfortably in retirement.

Retirement used to be an age-driven event, but now people are thinking about it from the perspective of, “Can I afford to retire,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. In a recent survey of middle class people, those who make less than $100,000 a year, 25 percent of respondents said they would have to work until age 80 to be able to afford retirement.

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