This isn't your father's retirement

Older Americans, even those who can afford to retire, are choosing to continue working rather than retire.

Michael Smith at Houston's STA Wealth Management says with many of us living into our 90s, retiring at 65 can be risky.

"Many people are now planning for 30 plus years in retirement; so longevity risk, while it's a good thing, it's something you have to plan for."

Smith says poor health is likely to strike.

"An unhealthy event, long-term care; these are things -- the average for long term care costs is about $240,000 per year for a couple and a four year stay."

Smith says some of his clients don't want to retire because they'd feel less valuable if they didn't have a job.

"I see many people, even if they have enough money for retirement, they just want to keep working; they feel like they're healthy enough and feel like they have the ability to keep working and they don't like the whole idea of stopping that income from coming in."

For many though, it's simply a case of not having saved enough and there's no way they can stop receiving an income and live off just a Social Security check.

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