Want to keep working forever? You still need a retirement plan

April 8, 2021
Amy Wagner and Steve Sprovach, Allworth Advice

Question: S.N. in Delhi Township: I’m 63 but plan to keep working and not ever retire. Does this mean I don’t have to save as much as most people?

A: We definitely hear this train of thought from time to time. And, on the surface, it can make perfect sense: If you work through retirement, you’ll be earning an income which means there’s less need to rely on investments and savings to fund your living expenses as you get older.

However, we like to say on our Simply Money radio show that there’s a difference between the perfection of theory and the mess of reality. In other words, you may have the grandest of intentions to work until the day you die and thus not need to tap any sort of retirement fund – but life sometimes gets in the way. Just ask the more than three out of 10 retirees in a 2019 Center for Retirement Research study who had to retire earlier than they planned (and that’s before the pandemic hit).