Prepare now for retirement

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For over 25 years, the number of people ages 65-69 in the workforce has gone up a whopping 74 percent. If that trend keeps climbing you might be asking yourself if you’ll ever get to retire. I’m Kristin Arnold with your Personal Finance Minute.

There’s no doubt the retirement landscape has changed, but it’s still a viable option if you prepare yourself for the new realities.

Reality number one is that you must be more self-reliant and take more personal responsibility for your retirement. That means saving earlier and saving more.

Chances are you’ll need more money in retirement than you realize … so just participating in a 401(k) still might not be enough. Supplementing your retirement with a Roth IRA can boost your retirement savings, while providing flexibility to withdraw money tax-free in retirement.

Working longer may not only help finances, but sharpness of mind, too. Postponing collection of Social Security from 62 to 70 can mean a 76 percent increase in benefits. Plus, studies by the American Economic Association have shown that staying in the labor force in your later years also helps with cognitive function of the brain.

To learn more about funding your retirement, visit I’m Kristin Arnold.