Millions of older Americans still working

Almost ten million Americans remain in the workforce after the age of 65, and it is because they may not have a choice. They need the money.

These Americans can't afford to retire, and some of them are working into their 70's.  Financial planner Derrick Kinney tells KTRH why this is happening.

“The pulling back of pensions is a factor. There is the pressure of paying off debt, to,” Kinney explained.

We are also living longer, and there has been wage stagnation over the last 20 years. Those have also been factors into what we are seeing. So what if you're 50, and you haven't saved enough yet? Kinney says you still have a shot at a comfortable retirement.

“There’s that period where if you have worked hard, paid off your house, and paid off your debt, there’s a window to catch up on your savings,” Kinney said.

He calls it a phased in retirement plan, where you might still have to work on a part time basis when you are 65, and then retire at around the age of 70.

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