PEOPLE WILL WOORK LONGER BEFORE RETIRING

Economic law dictates that the longer you live the more money you will need to have saved for retirement.

With America's ever increasing older population putting a drain on Social Security and government health care insurance, what people put back on their own will be what gets them through after retirement.

"It is inevitable that people will be working later in their life and that's not necessarily a bad thing," said Rebecca Summary, a professor of economics at Southeast Missouri State University.

"It's partly economics, either pay more in or wait longer to retire," she added.

Some senior citizens are working past retirement age. Some common reasons for taking a job after retirement have been boredom and more money was needed to get by.

Ann Ostroski, 76, of Cape Girardeau has worked at Wal-Mart for 13 years.

She said she's doing it because she didn't like sitting around and the extra money has really helped she and her husband get by and do other things that they couldn't do if she stayed retired.

"I like the extra money. I've done things for my kids. I've also gone to Hawaii and Alaska," Ostroski said.

Ostroski spent seven years at the checkout register before moving to her current position as a greeter.

The extra money hasn't just helped her do extra things. She said she has needed it to replace her roof, water heater, heater and air conditioner.

"Social Security doesn't go that far," Ostroski said.

Other methods of saving will also be embraced by Americans entering into their retirement years.

"As the demographics shift, people working will pay more into Social Security, but people will be encouraged to save in some other fashion," Summary said.

Summary thinks government social programs will still be around, but they can't be counted on as a sole source of retirement.

"And they never were meant for that anyway," Summary said.

Summary said that playing the stock market is now a viable option for average people through company investment plans such as a 401K that wasn't possible for the average person in the past.

"There will be lots of different avenues open for people to save for retirement in the future," Summary said.

But, she added, that working longer will be a fact of life as the lifespan keeps increasing.