Though most of today's workers have already accepted the fact that they'll work well past the age of 65, there's just something about that number –– 65 –– that still feels like an unofficial finish line.
And by 40, the pressure really starts to hit home.
Half of workers said they aren't prepared for retirement in a 2013 Employee Benefit Research Institute report. Less than 20 years ago, that figure was only 27%.
Who can blame them? We're barely over the recession and many Americans are in more debt and earning less than ever, while fixed costs like health care, housing, and college education only get higher.
To make matters worse, our own mindsets about growing old could be sabotaging our efforts to live well later in life. With the help of several experts, we've rounded up some of the most damaging money lies people tell themselves on the road to retirement.
Debt collectors will stop chasing me once I'm in retirement, so why worry about it?
Think again. Even student loan debt can chase you into retirement.
The Treasury Department has been withholding as much as 15% of Social Security benefits from a rapidly growing number of retirees who have fallen behind on federal student loans –– five times as many as in 2001.
Even something as simple as credit card debt can hurt you in retirement, says John Ulzheimer, President of SmartCredit.com.
"When it comes to credit card debt you absolutely have to get out of it before you hang up your company badge," Ulzheimer says. "It's very likely the most expensive debt you're carrying at 13-15% interest on average, and twice that in some cases. No retirement next egg can guarantee that kind of growth."
I can definitely get by in retirement with less income than I'm making now.
Leaving the workforce might help you cut costs in some areas –– for example, your pricey commute to the office –– but you can never underestimate the cost of aging.
"Many studies show that some retirees even spend more in retirement than they did when they were working," says Susan Garland, editor of Kiplinger’s Retirement Report.
"In the early years, you may be embarking on long-delayed travel and hobbies. And as the years go by, your health care costs are sure to rise. House-related maintenance costs, insurance and property taxes are sure to be on the upswing as well."
A 65-year-old couple retiring in 2012 is estimated to need $240,000 to cover medical expenses throughout retirement.
I can always save more by postponing retirement until my late 60s or early 70s.
"More and more Americans say they plan to pay for retirement by working longer but in reality many retirees end up quitting sooner than planned," says Greg Burrows, senior vice president for retirement and investor services at The Principal.
One third of American workers said they plan on working past age 65 in a recent survey by the Employee Benefit Research Institute, but more than 70% of retirees said they actually quit before that milestone.
Then there's the job market to consider, which doesn't take kindly to workers who are past their prime. In 2011, the median length of unemployment for people 55 and older was 35 weeks, up from 10 weeks before the recession, according to the Government Accountability Office.
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