Countless adults assume that if they make the conscious decision to retire at 70 or beyond, they will have the option to do so. But workplace data tells us otherwise.
The myth of late retirement
1. A surprising 60% of US workers end up being forced to retire earlier than planned.
2. You are not only competing with your age group for a job, but also other age groups.
3. Middle aged workers have a hard time finding jobs as they are being considered old. What are your chances of finding a job in your 60s or 70s?
4. Failing health. Even if you want to work, your body has other ideas.
5. You wind up retiring earlier than anticipated because a loved one comes to need hands-on care.
Theory and practical aspects of life
If you think you can work till you have enough to retire, think again. Theory and practical aspects of life is very different.
It is a fine idea to plan to retire later in life, but practically, you need to save aggressively when you are younger and are less likely to lose your job, or it will be too late and there is nothing you can do when you are old, because you simply do not have that extra time.