"Hoping to retire before you turn 70? Too bad," said Ivana Kottasová at CNN. With the world's richest countries facing a massive retirement savings and pensions shortfall, working until at least age 70 is expected to become the norm by 2050, according to a report from the World Economic Forum. "Americans face the largest gap between what they'll need and what they've saved." Our shortfall hit $28 trillion in 2015 and will rise to $137 trillion in 2050. Already, more Americans are staying in the workforce into their late 60s and beyond, said Stan Choe at The Associated Press. In April 2017, 19 percent of Americans ages 65 and over were still working, the highest rate since 1962. While some are still punching the clock by choice, many simply can't afford not to. More than a quarter of workers 55 or older report that they have less than $10,000 in retirement savings. "Nearly a third of workers in that age group say they expect to work until at least 70, if they retire at all."
"Of course, there's no guarantee that you'll be able to work for as long as you want to make up for any savings shortfalls," said Elizabeth O'Brien at Money. In a recent survey of thousands of retirees in 15 developed countries, nearly 40 percent said they'd retired earlier than planned, and of those, 29 percent had done so for health reasons. Ironically, "workers in poor health were more likely than those in excellent health to plan to work to age 70 or older or never retire." Remember, "not all investments for retirement are financial," said Kelli Grant at CNBC. An unexpected exit from the workforce not only translates into fewer opportunities to save, but you'll also have to stretch what you do have over a longer period of time. It's all the more reason to start incorporating healthier habits into your lifestyle now. "Take advantage of health screenings and preventive care available under your health plan, and any employer-sponsored perks for health improvement."
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