The Journal of Financial Planning’s March 2013 issue had an article entitled, “Older Americans relying More on Work Income” which read in part:
In 1990, 24.5 percent of income for those 65 and older was generated by income from investments. In 2010 that figure dropped to 11.3 percent.
Meanwhile, income generated from employment increased from 18.4percent in 1990 to 31.2 percent in 2010.
While working past age 65 is a great way to stay active and healthy, many may be working out of necessity. Securing your retirement financially is too important to leave the process up to chance and guessing. You should take a measure of your net worth each year in order to measure your progress toward becoming financially independent.
This allows you to make small constant adjustments which will have great effect in the years before retirement. You should also be projecting your optimum timing to take Social Security and planning on having sufficient after tax assets in order to do Roth conversions during the gap years.