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Mark Miller: Remaking Retirement

Working Longer: Good Aspiration, but Not a Plan

Many Americans expect to close retirement plan gaps by working longer, but the strategy comes with its own risks, says Morningstar contributor Mark Miller.

Many older Americans, asking how they'll be able to afford retirement, have settled on an answer: Work longer, or never stop working at all.

Working longer can make sense as a way to mitigate the risks of rising longevity and declining guaranteed income from pensions and Social Security. Adding even a few years of work creates opportunities to save more, spread savings against fewer years of retirement, and boost monthly Social Security income via delayed filing credits. It can be a very big inflection point in achieving retirement security.

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