- In This Article
- Overview
- Take control where you can
- Planning ahead
- How much to withdraw when funds decline
- How much will you get from Social Security?
- Where to stash your cash cushion
- Retirees
- Keeping the nest intact
- What you can do
- Pre-retired
- Work longer, keep saving
- What you can do
- Younger workers
- Follow the rules, keep the faith
- What you can do
- View all product nest egg
Work longer, keep saving
Photograph by Jason Nuttle
Life on the sea has been good to boat captain Jay Champlin. It's what has happened on land that has been trouble. The 60-year-old divorcé who skippers a private yacht, had hoped to sell his home in Jupiter, Fla., within a couple of years and gradually cut back his hours. But declines of about 40 percent in his home's value and 30 percent in his modest retirement savings have forced him to change course. "Like everyone else, I'm going to have to keep working and buckle down," Champlin says.
In our survey, working longer and postponing retirement was a dominant theme among people near retirement. Almost a quarter of pre-retirees said they're uncertain that they'll ever be able to stop working, up from 16 percent in a 2007 survey. More than one-third expected to postpone retirement for at least one year.
That's also what financial planners advise. "Generally, they should plan to work a couple more years," Cargile says.
