Delay Your Retirement
OK- but speaking of a delayed retirement, for some people this may not only be a good option, but the ONLY option. So, let’s unpack that for a second.
If you haven’t been able to catch up with your savings despite catch-up contributions, then working for a few more years will work just as fine. Nobody says you have to retire at 62, 65, or 70.
So, if you do decide to delay your retirements, here are two of the biggest benefits you’ll face, both of which tie into one another. You’ll have more time to save money, but you’ll also have well… less time. As grim as that sounds, you’ll basically have to save for a lot less money. Say you think you’ll live up to 90. If you retire at 60, that means you’ll need enough money to see you through 30 more years of life, and that can be extremely difficult even for the most savvy savers out there.
But, if you retire when you’re 70, that means you only have to save enough money for 20 years.
So, while it may sound disheartening, you could be doing yourself a massive favor by not spending the latter part of your life with very, very limited funds.
