Some consumers may be retiring later on.

With more Americans living longer, it could make some look at their retirement prospects earlier – especially if they have to look into the possibility of working into retirement. This could force some to adjust financial strategies when aiming to prepare for their future.

Currently, those who are in retirement comprise less than 15 percent of the population, according to a report completed jointly between the Associated Press and NORC Center for Public Affairs Research. This should change notably by 2030, as nearly one-fifth of the American population will be in that age group. In 2020, there will be close to one-quarter of Americans who are at least 55 years old.

With this information in mind, the idea of retirement is changing for many younger people. The report noted that more are considering retirement at a later age, while some are also thinking about not fully retiring, even when they hit the traditional stopping time.

Much of this may have to do with more Americans dealing with fewer health issues as they head toward retirement, the report explained. This could help them work longer, while still saving up through retirement plans, Social Security and other pension programs.

Some still struggle to save enough for retirement
Even with this view that waiting on retirement may be better for some, there could be a number of Americans who are not saving properly to prepare for the day they stop working full-time. This may mean that some people may have to adjust their financial discipline.

Less than 20 percent of individuals explained they are saving more for retirement this year than they did last year, according to a report from Nearly the same level explained they cut their savings amount this year, but 54 percent did not change their contributions.

“This is troubling considering the availability of catch-up contributions for those 50 and up, as well as the higher 2013 contribution limits for all eligible IRA and 401(k) contributors,” said Greg McBride, senior financial analyst at

There was not much difference in the savings totals compared to last year, the report explained. However, those who cut savings this year numbered far fewer than in 2011. During that period, nearly 30 percent explained they were saving a lesser amount than in 2010.

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