Planning to tough it out at the office until you turn 70? That might not be in the cards. A study found that newly disabled workers in their 50s and early 60s take a hit to their income after the onset of their condition.
Working longer allows you to ramp up savings in your 401 and hold off on claiming Social Security benefits.
Newly disabled workers in their 50s and early 60s experience an average 50% decline in earnings two years after the onset of their condition, a new study found.When it comes to shoring up your retirement savings, "work longer" isn't always the right answer.For instance, employees who are 50 and older can defer the maximum $19,000 into a 401, plus the catch-up contribution of $6,000 this year.
But not everyone can continue to punch in — and those who curtail their careers due to health conditions take a hit to their retirement security. have multiple chronic conditions, which can include diabetes, high blood pressure and arthritis, according to the Centers for Disease Control and Prevention.
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