Right now 29% of American men and women who are 65 to 72 are still working.Why are so many people still in the labor force during years they should be enjoying with a golf club or good book in their hands?Troy Sharpe of Oak Harvest Financial Group says it may not be because they're broke. “Sometimes it’s the psychological component of losing your identity. They don’t have a plan or vision of what their life would look like after you work. Some of the time it’s also about how much money people spend.If you saved a million dollars – but spend $1000,000 a year, you probably don’t have enough to retire. “
However, he says the majority he has heard of didn't plan well. "Many people who haven’t done a great job of saving over the years are finding themselves in a position with a longer-than-expected life expectancy and need to work longer at this stage of life."
He says to work with a professional to set a plan for your later years and stick to it.