Due to many medical and societal advances, people these days are living longer than ever. As life expectancy rates continue to rise, many retirees find themselves increasingly unable to make ends meet later in retirement.
What can be done to combat this alarming trend? A recent article by Cliff Goldstein on the Wall Street Journal’s website provides some solid suggestions, even if retirees may not be ready for all of them:
One of the most obvious solutions — and a solution many people don’t want to hear — is to delay retirement. The standard 65-year retirement mark may take a bump in the not-too-distant future. The fact of the matter is, not everyone has enough money to retire rich and carry them through 30 years of unemployment. Our current 40-year careers could easily start turning into 45- or 50-year careers. Those who can afford it might ease themselves into retirement by switching from full-time to part-time or taking on a simpler, less-demanding job.
Just as the only way to lose weight is through diet and/or exercise, the only way to fund additional years of retirement is to save more and/or spend less; it may not be fun in the present, but the end result could be well worth your efforts.
via www.rjlwm.com
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