Many Americans aiming to work past 65 to cushion their savings are seeing those hopes foiled.
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As an entrepreneur, your work is such a big part of your life that it may be hard to imagine not doing it. But if, like many people, you are planning to keep working past 65, a recent study from Boston College’s Center for Retirement Research (CRR) may give you pause.“The share of workers reporting that they expect to work past age 65 rose from 16 percent in 1991 to 48 percent in 2018,” write the authors. “But such intentions often go awry.” In fact, the same study reveals that 37 percent of all workers retire earlier than they had planned. (Other studies suggest that number is much higher.) The three main reasons CCR points to are unexpected changes in health, employment or family circumstances, in addition to looking at the impact of major financial shocks late in life.Although entrepreneurs pride themselves on being self-sufficient and independent, they are not immune to these circumstances, so let’s drill down into them a bit further.Related: Why Entrepreneurs Should Take Early RetirementHealth Shocks You may be forced to retire early due to existing health conditions, such as arthritis or other chronic conditions that worsen over time. Or maybe you are in good health at age 55 and plan to work till 67 to increase your savings, but then develop major
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