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On Working Forever

Indifferent to signs of growth elsewhere in the economy, the unemployment rate has been stalled at around 7.9 percent since September. While pervasive layoffs appear to have tapered off, the general feeling seems to be that unless a company utterly and completely can’t function without another person, they’re not going to hire.

 

One job hunter (age 63) was quoted in the New York Times as saying, “There seems to be this tremendous fear of making a decision. A lot of my colleagues will go for 15, 20, 23 interviews with the same company.”

 

[CLICK HERE to read, “Job Growth Steady Amid Snags Holding Back Economy,” at the New York Times, February 1, 2013.]

 

[CLICK HERE to read, “Labor Force Statistics from the Current Population Survey,” at the Bureau of Labor Statistics, February 1, 2013.]

 

Given the current employment environment, even if people who don’t like their job – and in previous years would have long since gone looking for a new one – they probably should still keep their head down and hang in there.

 

On the other hand, longevity numbers tell us that whatever it is that we do for a living, many of us will be doing it for a long time. Well into our 60s and 70s, which used to be considered the golden years of retirement. That said, it’s also probably a good idea to like what you do.

[CLICK HERE to read, “Americans Rip Up Retirement Plans,” at the Wall Street Journal, January 31, 2013.]

[CLICK HERE to read, “Working Longer: Still the Best Path to a Better Retirement,” at US News & World Report, January 22, 2013.]

If you don’t love your work (or your current work situation), consider the experience you’ve gained and take a good look at your finances. People in their 50s may have previously thought they’d retire in 10 years or so. If you don’t think you’ll be able to retire in that timeframe anymore, consider that you may be looking at 20 or more years at your current job.

 

If the thought is unbearable, look at it another way. Twenty years is plenty of time to go back to school and get another degree, embark on a new career path, and/or get your own business off the ground.

[CLICK HERE to read, “Small-Business Job Growth Remains Modest,” at Entrepreneur.com, January 4, 2013.]

The reality is that today’s longer life spans can be both a blessing and a challenge. Many people will get more time to do whatever it is they want and can afford to do. It’s up to you whether you want to do more of the same, or try something new.

 

Whatever you choose, we’re to help you find ways to keep your retirement savings aligned with your goals. Give us a call.

 

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The information and opinions contained herein are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Content is provided for informational purposes only and is not a solicitation to buy or sell the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.