More Americans Expect to Work Until 70

Experts are suggesting some American workers wait to retire until age 70, as drawing Social Security benefits later can raise income, an especially valuable factor as pensions become less available, reports the Associated Press . An analysis of about 300 different retirement income methods by the Stanford Center on Longevity found the optimal strategy for middle-income retirees to have a reliable source of income through retirement is to wait until age 70 to claim Social Security, when benefits peak. The researchers also recommend employees use the required minimum distribution calculation to determine how much to take from personal savings. Some retirees may have to significantly reduce their living costs. The team says some employees will need to work "just enough" to cover living expenses until age 70 in order to put off claiming Social Security benefits. A recent Willis Towers Watson survey of nearly 5,000 workers found that 37 percent expect to work beyond age 70, versus 30 percent two years ago. "Financial pressures are driving many employees to retire later," says Willis Towers Watson consultant Pat Rotello. "Employees with money worries are more likely to keep working past normal retirement age to help sustain their income."