But I Can’t Possibly Save That Much!

Few Boomers feel they have saved enough toward retirement, and most are right. Many personal finance advisers exhort higher savings, and they are right to do so. But beyond trying to make up for lost time, you have an additional option: Work longer. This can be full-time or part-time work. Delaying your complete withdrawal from the world of work has several salutary consequences: First, you extend the number of years you can accumulate savings; second, you reduce the number of years when you will need to tap into those savings. Finally, many gerontological studies have demonstrated the value to health and well-being of keeping mentally active; work is a great way to do so and get paid besides.