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Retirement Myth #4: I Plan To Work Forever

BOSTON (CBS) - The reality is that may not be possible for a variety of reasons.

According to a survey done by Merrill Lynch over 75% of Boomers think they are going to work in retirement. But only half of those aged 60-64 are working, only 18% of the 65-69 age group and only 5% of those over 70 are in the workforce.

While Boomers intend to keep working and earning in retirement, another survey found, on average, they expect to "retire" from their current job/career at around 64 and then launch into an entirely new job or career.

But most employers are not ready or willing to accommodate older workers. And they will not consider a 64 year old intern! So the idea of starting something new is a great one but not something everyone can execute.

And as we age we become more frail. Working until you are 75 is the exception rather than the norm and should not be your retirement plan. There are too many variables as we age.

  1. You could get downsized in your 50s and never financially recover. You eventually find work but not at the same pay level.
  2. You could get downsized in your 60s. Can you prove discrimination? Maybe. Here again you may be able to find work but it may be at Home Depot or Wal-Mart.
  3. Your health fails or you become disabled and you can't work. As we age our body parts begin to wear out – arthritis sets in and some mornings it is difficult just to get moving.
  4. Elder care: not yours but your parents. They are living longer and requiring our care.
  5. Grandkids: a lot of grandparents are babysitting or have full custody of their grandkids!


If you are planning to work forever as I am hoping to do consider having a backup plan. Save for retirement as if you will retire at 60 or 65. Always good to have plan B if things go south.

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