Posted on 04 September 2008
By Mark Miller
If you’re worried about achieving financial security in retirement, there’s a simple solution: Work a little longer.
Most people say they don’t plan to retire until they turn 65. But that’s not what we’re actually doing. More than half of Americans actually retire at age 62–even though it’s not usually the best decision. Working even just a few additional years can pay a big bonus in long-range retirement security.
That’s the prescription offered in a new book by two of the nation’s top retirement experts, Alicia Munnell and Steven Sass. Munnell is director of the Center for Retirement Research at Boston College; Sass is the Center’s associate director.
“Working Longer: The Solution to the Retirement Income Challenge” looks at the governmental policies, business practices and individual decisions that go into the decision to retire. The authors conclude that we need to find ways to encourage people to keep working longer.
This is an excellent, important book–but written mostly for policy experts.