The traditional model for funding a life after 65 has radically changed, as workers scramble to find other sources of retirement income besides pensions, 401(k)s and Social Security and look to a longer stay in the workplace as a way of propping up their finances in their golden years.
Todays workers recognize they need to save and self-fund a greater portion of their retirement income, said Catherine Collinson, president of Transamerica Center for Retirement Studies. In response, they are transforming the United States retirement system from a three-legged stool into a table by creating a fourth leg: working.
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