Thursday, March 10, 2005

Motley Fool Commentary: Need To Keep Working After 65

W.D. Crotty, commenting in Motley Fool on Social Security reform, writes taht "you and your senator face a common problem. You may have to work after age 65 to avoid outliving your retirement funds." The important thing is to plan ahead for this. He recommends that older workers contemplate turning a hobby, like antique collecting, into a business. The point is to start "working" today and test, before retirement, one's business ideas. "Then, find out what works, master those skills, and build a reputation ahead of time -- and supplement your income before retirement." However, for those wheo do not want to deal with the complexity of owning a business and a "regular" job provides both fulfillment and income, "a few years of additional employment will give them the security they need to live" to 100. "Why get bogged down with self-employment when an employer would welcome your contribution for a few years?"

Source: "Planning a Working Retirement" Motely Fool (March 10, 2005)

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