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Question: My retirement portfolio has underperformed during the past several years, and it looks like I'll have to keep working longer than I had anticipated. Are there any potential pitfalls of which I should be aware? Answer: Working into your late 60s and 70s, once seen as unusual, is indeed becoming more common. In fact, the number of U.S. workers age 65 and older doubled from 1977 to 2007, according to the U.S. Bureau of Labor Statistics, while the number of workers age 16 and older increased by about 60%. Those figures do not yet reflect the coming golden years of the baby boom generation (those born between 1946 and 1964), the first of whom reached 65 last year. Currently about one out of six seniors works or is looking for work, a rate that has been increasing since the late 1990s. According to data compiled by the Social Security Administration, wage income is the second most important source of income for people age 65 and older, trailing only Social Security. ... Continue to read.
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