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Although the current retirement age is 66, many seniors continue to work, even though they are eligible for full Social Security benefits. In fact, research by Provision Living (a provider of services for older adults) revealed that in U.S. cities with populations of 200,000 or more, at least 20 percent of people ages 65 and up were still working. Results of a more recent poll by Provision Living (August 2019) showed that 55 percent of respondents worked part time and 45 percent worked full time. Survey participants were between the ages of 65 and 85.

Why do seniors continue to work?

A sizable amount—one third—enjoy working and don’t want to retire, or prefer working but with fewer hours. However, 62 percent of respondents cited finances as the reason why they were still in the workforce; they couldn’t afford to retire, they were supporting families, or were still paying off debt. For many, their retirement savings were not at the level needed for a comfortable retirement that was not largely dependent on Social Security benefits.

In fact, 70 percent of working seniors in the survey said that Social Security would be their primary source of income after retirement. The others said a pension, 401(k), personal savings, and stocks would be their main income source in later years. A small percentage (11 percent) said they planned to rely on children or family to support them.

Plan for a comfortable retirement through self-direction

If you enjoy being in the workplace, that’s great! But if you’re thinking ahead to either working less or not at all, have you thought about self-directing your retirement plan?

Opening a self-directed IRA opens the door to building a more diverse retirement portfolio allowing you to invest in alternative assets such as real estate, private equity, unsecured or secured loans, and precious metals. Self-direction can be a powerful way to build retirement savings—and gives you the option to delay retirement because you want to keep working, not because you must due to finances.

Savvy investors who are comfortable making their own investment decisions can invest in what they already know and understand, take advantage of certain market opportunities, and enjoy tax-advantaged retirement savings.

The Social Security Trust Fund has an uncertain future which will affect many of today’s workers. Corporate pensions are disappearing. The stock market is unpredictable. Those who wish to self-direct their retirement plans can better control their futures, today—and create a hedge against market volatility.

Want to learn more about self-directed retirement plans? Contact us to set up a complimentary educational session. Alternatively, you can contact our team with any questions about self-directed IRAs and the many types of nontraditional investments these plans allow. We’re available via phone at 1-888-857-8058, or email at NewAccounts@NextGenerationTrust.com.