According to EBRI's August 2012 Notes, the oft-recommended suggestion that individuals work until age 70 may not be as ideal a solution as it might seem. EBRI points out that many calculations forget to factor in such elements as nursing home stays and tend to paint a static image of retirement savings rather than something more dynamic. EBRI states that participating in a DC plan after age 65 will become increasingly important as there will be additional employee and employer contributions over a period of time.
The EBRI Notes document is available at http://www.ebri.org/publications/notes/index.cfm?fa=notesDisp&content_id=5102.
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