1) Twenty years ago, Americans typically retired between the ages of 62 and 65. Now people are as likely to delay retirement and continue working longer or to work part-time in retirement.
2) Plan for a long retirement in calculating the amount you must save. If you don’t, you may outlive your retirement fund. And don’t forget the effect of inflation. At just 3% a year, inflation could reduce the purchasing power of your income by more than 25% in ten years.