20 things you need to know about retirement

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.

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