How Carol Burnett broke from retirement realities.

June 30, 2011 78 year old comedian and actress Carol Burnett is going back to work for one of the final shows of All My Children. She will again play the character Verla Grubbs, the long-lost daughter of Langley Wallingford. Actually, Carol Burnett never really stopped working since she began her show business career back in 1955. She may be best known for the Carol Burnett Show and her role in Mama's Family, but she has an extremely long resume. What makes Carol Burnett different from so many other people her age, however, is that she is still working.

Economy
Because the economy was so bad for several recent years many working people who would have otherwise retired delayed leaving the workforce. Additionally, there was a lot of talk about taking a part time job during retirement. While these stories are correct they don't represent the vast majority of people close to or in retirement. Here's why.

Myths versus realities
According to the 7th edition of the book Retirement Planning and Employee Benefits For Financial Planners, 72% of working individuals say they plan to work during retirement, while in reality only 34% of retirees are actually working after they retire from a job. Additionally, 23% of working individuals say they will retire when they are 65 and another 31% say they will retire after the age of 66. The reality though is that the average worker retires at age 62. 42% of retirees had retired early for some reason beyond their control (health, family situation, economic slow down, etc.)

Your retirement planning
Carol Burnett's work situation doesn't represent the experience of the average retiree. Today, you may believe you will be like Burnett and still be working into your 70s, but as many retirees have discovered, situations arise that either force or encourage them to change their plans and stop working altogether. If you aren't able to work in retirement how will you support yourself? Are you making "just in case" retirement plans / savings today?

 

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