BOSTON (CBS) – According to a survey done by Merrill Lynch over 75% of Boomers plan to work in retirement.

You may want to work forever but that may not be possible for a variety of reasons. The reality is almost half of those aged 60-64 are working, only 20% of the 65-69 age group and only 5% of those over 70.

While Boomers intend to keep working and earning in retirement, according to a recent survey, on average they expect to “retire” from their current job/career at around 64 and then launch into an entirely new job or career. But most employers are not ready or willing to accommodate older workers. And the idea of starting something new is a great one but not something everyone can execute.

As we age we become more frail. Indeed there are workers out there who are still going to work at age 75 but they are the exception rather than the norm. Working until you are 75 should not be your retirement plan. There are too many variables as we age.

  1. You could get downsized in your 50s and never financially recover. You find that no one wants to hire you in the same capacity. You are expensive and they can hire two younger workers for what you are earning. You eventually find work but not at the same pay level.
  1. You could get downsized in your 60s, can you prove discrimination? Maybe. Here again you may be able to find work but it may be at the Home Depot or Walmart. Good places to work and more and more retirees are clocking in every day but you may be taking a major pay cut.
  1. Your health fails or you become disabled and can’t work. As we age our body parts begin to wear out – arthritis sets in and some mornings it is difficult just to get moving. Knees and hips get replaced. Cataracts get removed. Blood pressure needs monitoring.
  1. Elder Care: no not yours but your parents. They are living longer and the Boomers will be the first generation to be retired with their parents. You may be needed to care for your parents physically and financially.
  1. Grandkids: a lot of grandparents are babysitting or have full custody of their grandkids!

If you are planning to work forever as I am, it will still require a back-up plan. Save for retirement as if you will retire at 60 or 65. Always good to have plan B if things go sour. This way you will never be disappointed.

You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

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