Are you nearing retirement age but planning on working beyond age 65? If so, you’re in good company.

Americans aged 48-60 are facing an extraordinary convergence of issues that are impacting their long-term financial plans, according to new research released today by Northwestern Mutual. Falling housing prices, diminished 401(k) accounts, and the growing number of adult children returning home are among the factors leading two thirds (65%) of Americans aged 48-60 to believe that they will have to work beyond the age of 65.

Personally, although I’m already pushing retirement age, I plan to work until I drop. As a writer I can continue working as long as their are markets for my work, even if I have to create publication. I suspect many baby boomers will continue active careers as long as they can. That’s likely to cause some trouble for younger generations, both in finding jobs and in getting promoted.

Serious concerns about living comfortably

Fortunately, the Internet and other digital media offer boomers the ability to pursue entrepreneurial dreams without requiring huge investments of money, although they may need to master new skills. Some of us, of course, have been in the digital media industry nearly from the start. But it would not surprise me to see a whole new category of “Boomer Bloggers” in the next few years.

“Americans approaching retirement have serious concerns about their financial preparedness for living comfortably in this next phase of their lives,” says Dave Simbro, senior vice president at Northwestern Mutual. “It has also underscored for many of them the critical need for solid financial planning in the years ahead.”

Longevity trends also play a role since for couples age 65, there is a 50/50 chance that one of them will live to age 94 and a one in ten chance that one of them will live to age 100.*

On the flip side of that, the Northwestern Mutual study revealed a deep concern among Americans aged 48-60 regarding their financial picture without a spouse’s income. One-third of those surveyed feel they have too little life insurance coverage, and half expect at least a fair share of their coverage will decline by the time they are 65. Four out of ten permanent life insurance policyholders wish they had purchased more when they were younger.

“For many, the numbers just aren’t adding up to a secure retirement. What people need now is to revisit their plans and come up with a robust strategy that takes these new financial realities into account,” says Simbro. “The right approach is one that considers all the obstacles and lays out a plan that creates a predictable income throughout one’s retirement.”

Comments by TechJournal Editor Allan Maurer.

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Tags: Allan Maurer, Boomer Bloggers, Dave Simbro, Northwestern Mutual, retirement, survey, Viewpoint