Retirement and the life of serenity where every day is Sunday...is that what you want? While most of us think that retirement—early or when you are in your 60s or 70s—is what we are looking most forward to, reality is that these days many people are working longer than ever.

More retirees today say that said they retired at ages 66-69, rising from 11% in 2021 to 14% in 2022, according to the latest annual survey by the Employee Benefit Research Institute (EBRI) and Greenwald Research.

More statistics show that the percentage of workers who say they will never retire is now 15%, up from 10% in 2021, according to the EBRI survey. But for workers who plan to work in some capacity when they retire, the desire is more of a wish than a reality. Only 27% of all retirees actually earn any kind of employment income.

There are many reasons as to why this happens. Medical problems are usually the main reason, and soaring medical costs make the problem even worse for those looking for income and are ill and can’t earn any of it. The average couple age 65 retiring this year and enrolled in Medicare may need approximately $315,000 saved (after taxes) just to cover healthcare expenses in retirement, according to the Fidelity Retiree Health Care Cost Estimates.

Then there are the prejudices against older workers that keep some unemployed, even when a part time job is all they seek. Older sometimes means more expensive to an employer even when experience is a plus. That’s why your own side gig using your experiences as a source to make money (tutoring, writing, etc.) is such a great way to earn extra money part time in retirement.

And then there is this: With the inflation rate at 8.3% in April of 2022, down slightly from 8.5% in March (which was the highest since December of 1981), and the S&P 500 index off its January peak by 16.6%, the need to keep working into your golden years may be even more of a requirement then a wish.

Some workers are beginning to feel the impact of inflation, and the number is growing. There is an important lesson to learn from what the inflation we have been experiencing can teach us. Inflation can ruin your retirement planning if it’s not factored in!

Inflation at historic rates and the stock market falling can happen now or at any time, so you must look at what that means for you, your retirement plans, and your future. Do it now and often to make sure you are on track for retirement when you want to retire.