Shine A Light on Retirement

Happy belated birthday Mick Jagger! Rock legend and boomer icon Mick Jagger turned 65 on July 26th. But how does the Stones front man measure up when compared to the average 65 year old?

Surprisingly, Sir Mick is following current retirement trends, though perhaps for somewhat different reasons. Jagger, as well as almost-65 year old fellow Glimmer Twin Keith Richards, have no plans to end their lucrative careers. These recent film stars have plans to continue recording new and old tracks with their longtime recording company, Universal Music Group.

Many potential retirees are choosing to remain in the workforce after they turn 65. Though these workers won't be selling out packed arenas, they may be greatly improving their retirement outlook. A recent analysis by a federal agency, the Congressional Budget Office (CBO) points out that delaying retirement by even a few years can substantially improve the financial outlook for those who have a savings shortfall. According to the CBO, working a few years longer while also saving more income has several important effects:

• It shortens the number of years of retirement and reduces the total funds you will need.

• It allows funds already invested to continue to grow and gain in value.

By delaying Social Security benefits, there is an increase in the overall benefit amount, making a big difference for moderate earners.

The oldest boomers will be able to collect:

• 75% of normal benefits at age 62.

• 100% or the full benefit if they wait until age 66.

• 132% or the full benefit plus an extra one-third if they wait until age 70.

According to a poll of independent advisers conducted by Curian Capital LLC, "Forty percent (of advisers) said the biggest threat to clients' retirement income plan was lack of sufficient time to build wealth." If you want that early retirement but need some extra savings, the Stones said it best: You can't always get what you want. But (pardon the impending pun) think about spending a few more years in the workforce, and you just might find, you'll get what you need .