Why Your Parents Might Not Retire for a While

Why Your Parents Might Not Retire for a While

The country's seniors aren't ready to trade in the office for a life of leisure just yet.

It turns out, they're having too much fun to stop working.

Nearly 19% of Americans 65 and older were employed, at least part-time, in the second quarter of 2017 — a 55-year high, according to the latest jobs numbers.

Of people 65 to 69, 32% are continuing to work, and 19% of Americans aged 70 to 74 are continuing to clock in, as well, up from 11% in 1994.

Why? Sure, finances play a role. But Americans are also living longer than previous generations and many are remaining healthy and active and actually want to stay employed, according to Bloomberg.

And it's not just your parents who should take note. Whether you have dreams of retiring early or suspect you'll want to extend your career, the freedom to handle retirement on your own terms hinges on being prepared at every stage of life.

Not sure if you're doing enough for your retirement savings? Here are some quick tips to help you get on track:

Crunch your retirement number. It can be hard to save for a goal if you don't have a target number in mind. Retirement calculators like this one factor your age, when you want to retire, your income and expected number of years in retirement to help you zero in on a figure to work toward.

Automate it. Don't wait until the end of the month to move whatever leftovers remain in your bank account over to your retirement fund. Prioritize your savings by automating contributions. And also consider an auto-escalation feature (if your company offers it) to increase your contributions periodically.

Funnel bonuses, extra income and pay raises into savings. It's easy to use these extra influxes of cash as an excuse to splurge, but putting them into savings instead (while setting a small portion aside for fun) will help set your future self up for success.

RELATED: The Best and Worst States for Retirees


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