5 Reasons to Delay Retirement

Can’t wait to retire? Before you jump into your golden years, understand that working just a little bit longer can make a big difference in the quality of your life — both now and after you stop working.

So, before you say sayonara to the job, consider these good reasons to delay retirement.

You can leave retirement accounts alone

Social Security and whatever retirement savings you have may not cover your expenses. The longer you put off collecting Social Security, the more you’ll receive each month over the rest of your lifetime. And the longer you put off dipping into your retirement savings, the more time it will have to grow if you invest it right.

You’ll enjoy the emotional benefits of work

Many of us have a competitive, proud spirit that working nurtures. Collaboration, time management, problem solving, innovation and creativity are all necessary skills on the job. Staying in the workplace helps keep those skills sharp.

You’ll be better able to leave a legacy

Working longer helps to fatten your net worth. Invest that additional income wisely, and you can build a larger nest egg that will make you better able to leave a legacy for your children, grandchildren, or favorite cause or charity.

You’ll probably be less lonely

Just 48 percent of retired men who live alone say they are very satisfied with the number of friends they have. The percentage of single women happy with their friendships is higher — 71 percent — but it still seems likely that remaining in the workforce will keep you more social than retirement.

Still convinced you want to retire? Be sure to check out “8 Surprising Things Nobody Tells You About Retirement” so you can make a more educated decision about giving up on your job.

You’ll probably enjoy the job more than you think

As we get older, working becomes more enjoyable. As we reported last year, a Rand Corp. survey found that:

More than two-thirds of older workers feel satisfaction over work well-done and feel that they are doing useful work. In comparison, about two-thirds of prime-age women and only 54 percent of prime-age men feel the same.

What are your thoughts about delaying retirement? Share them in comments below or on our Facebook page.

Chris Kissell contributed to this report.

Find the right financial adviser

Finding a financial adviser you can trust doesn't have to be hard. A great place to start is with SmartAsset's free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.

If you're ready to be matched with local advisers who will help you reach your financial goals, get started now.

Read Next
10 Times You’re Right to Be a Cheapskate
10 Times You’re Right to Be a Cheapskate

Sometimes, clever shoppers can save money without sacrificing quality. Here are some great examples of how to do it.

8 Things I Always Buy at Target
8 Things I Always Buy at Target

I grew up shopping at the original Target store and am a lifelong fan. Here are my favorite purchases.

17 Unusual Things You Can Clean in a Dishwasher
17 Unusual Things You Can Clean in a Dishwasher

Many everyday items do not require meticulous hand washing.

15 Painless Ways You Can Cut Costs in 2020
15 Painless Ways You Can Cut Costs in 2020

Follow these tips to save — so you’ll have money for things that really matter.

Stop Overpaying for These 10 Common Purchases
Stop Overpaying for These 10 Common Purchases

The best price for many of these items is “free.”

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Will I Get My Ex-Husband’s Social Security When He Dies?
Will I Get My Ex-Husband’s Social Security When He Dies?

Two factors determine how much money is coming to you.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

21 Things You Should Always Buy at a Dollar Store
21 Things You Should Always Buy at a Dollar Store

Dollar stores have great bargains on these familiar purchases. Yes, even pregnancy tests.

13 Brilliant Bulk-Buy Items on Amazon
13 Brilliant Bulk-Buy Items on Amazon

Every household should have these products on hand. Buying them in bulk on Amazon saves you cash.

6 Reasons I Will Never Trust Suze Orman
6 Reasons I Will Never Trust Suze Orman

Beware: The self-proclaimed personal finance expert has a track record that suggests more sizzle than steak.

5 Household Disinfectants That Can Destroy the Coronavirus
5 Household Disinfectants That Can Destroy the Coronavirus

You likely already have some of these products at home.

This Type of Social Security Benefit Is Often Overlooked
This Type of Social Security Benefit Is Often Overlooked

The Social Security Administration is not helping certain people get money to which they are entitled, a report says.

Getting These 2 Shots Could Reduce Your Risk of Dementia
Getting These 2 Shots Could Reduce Your Risk of Dementia

These vaccines may lower the risk of Alzheimer’s disease by up to 40%.

America’s Most Reliable Appliance Brand Is a Surprise
America’s Most Reliable Appliance Brand Is a Surprise

Have you heard of this appliance manufacturer?

9 Everyday Problems You Can Solve With Vaseline
9 Everyday Problems You Can Solve With Vaseline

Forget expensive specialty products. Good ol’ petroleum jelly can address many common annoyances.

16 Amazon Purchases That We Are Loving Right Now
16 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

19 Purchases That Buyers Almost Always Regret
19 Purchases That Buyers Almost Always Regret

Think twice before buying these things.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

8 of the Worst Things to Buy at a Dollar Store
8 of the Worst Things to Buy at a Dollar Store

Not everything sold at dollar stores is a great bargain or a safe purchase. Here’s our list of products to avoid.

Homeowners Say These 2 Kitchen Appliance Brands Are Best
Homeowners Say These 2 Kitchen Appliance Brands Are Best

One brand takes five of the top honors, while another ranks highest in three categories.

41 Things You Should Never Buy
41 Things You Should Never Buy

Some purchases are just plain dumb. Give yourself — and your budget — a break. Don’t spend money on this stuff.

9 Indestructible Products That Are Worth the Price
9 Indestructible Products That Are Worth the Price

If you’re willing to pay a little more for these products, you may never have to shop for another again.

5 Ways to Get Amazon Prime for Free
5 Ways to Get Amazon Prime for Free

Hesitant to drop $119 a year on an Amazon Prime membership? Here’s how to get it for free.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.