You want to retire someday, right? That's supposed to be the
payoff for putting in all those years at work. But these days, with
corporate pensions disappearing and lifespans on the rise,
comfortable golden years are looking more and more elusive.
There are a bunch of reasons you might have to keep working
until you can't, rather than stopping when you want to. Here are
three big ones:
Number one: You aren't letting your company help you save. Many
employers will match a certain amount of your savings in the
company retirement plan. Amazingly, a considerable number of people
pass up this free lunch, either because they don't contribute
enough to earn the match or they don't contribute at all.
Number two: You're using your nest egg as a piggy bank. While
you can take a loan from a company retirement plan, it can be
costly. And the worst problem of all is if you end up never paying
the money back -- not only will your nest egg suffer, but you'll
have to pay taxes and early-withdrawal penalties on the
Number three: You haven't thought through your Social Security
benefits. Many people take the money and run once they become
eligible at 62, only to discover that it's not enough to live on.
Remember that the closer you get to age 70, the bigger your monthly
benefit check will be, so it can pay to delay claiming.
At Kiplinger.com, we have
additional reasons you'll never retire
-- seven of them, in fact. Read them and learn to defy the odds.
After all, we do really want you to have a comfortable