Here are some useful thoughts on retirement from Stephen Utkus, director of the Vanguard Center for Retirement Research:
"Working longer has triple benefit: You'll need fewer years of retirement income, you can save more, and you get extra time for potential investment earnings.
You can't be certain when you'll exit the workforce. Nearly half of retirees say they retired sooner than planned . . . Many people expect to retire around age 65, but the median retirement age is actually 62 . . . Some retirements are involuntary . . . You may have health problems that force you to stop working.
. . . Be realistic about the need to save . . . As human beings we tend to focus on today and put off making behavioral changes to the future. It's much easier to say that we'll work longer 10 or 20 years down the road than to save more today. It's like saying, 'I'll start exercising or lose weight - tomorrow.' "
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