There are two basic options, and they are health dependent. First, if you are healthy, you can postpone retirement until you catch up. Second, if you aren't healthy, determine how to make do with less. See: What is a “Dual Eligible?” and “What are Medicaid Trusts?”

If you think you will stay healthy and can continue working, you need to decide if you want to continue with your current employer and if their retirement policy permits it. In either event, you need to determine whether or not you can and should postpone going onto Medicare at age 65. If the answer is yes to both, the solution can be simply to stay on the employer’s plan. If the answer is no to either, then you need a qualified reason to postpone Medicare, or you will incur potentially significant late enrollment penalties on Parts B and D and may incur penalties on Part A.

Also, if you are working past 65, you should be aware of the Age Discrimination in Employment Act of 1967: It includes bans on age discrimination for hiring, promotions, wages and termination. It also has limits on benefits reductions.

Older workers with caregiving responsibilities may also be interested in EEOC’s Enforcement Guidance on Unlawful Disparate Treatment of Workers with Caregiving Responsibilities, and the EEOC Employer Best Practices for Workers with Caregiving Responsibilities with Best practices are proactive measures that go beyond non-discrimination requirements.