Working Past 65? Financial Planning Considerations for Those Who Retire Late (or Unretire)

Many older adults are choosing to work in their late 60s, 70s, and even 80s because they want to or have to. Specifically, about 1 in 5 adults age 65+ are employed (double 35 years ago) and workers age 75 and older are the fastest-growing age group in the U.S. labor force, more than quadrupling in size since 1964.

Some older workers simply don’t retire until a later age than normal while others leave the labor force, retire, and then return (i.e., unretirement). When older adults work longer, different financial planning implications arise. This class will describe positive impacts on Social Security benefits, retirement plan and other savings, and the amount of money needed for retirement spending. It will also address potential pitfalls related to income taxes, Medicare, and Medicare premium surcharges called IRMAA.