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.

Learn everything you need to plan your dream retirement

The Only Retirement Guide You'll Ever Need gives you the knowledge you need to retire on your own terms. Sure, you can pay a financial adviser, but this online course gives you total control to create a custom retirement plan around the things that make you happy.

You're going to get expert, personalized advice. You'll have access to the latest tools. And when it's complete, you'll be able to approach your retirement confidently and with peace of mind.

It's time to plan the best years of your life. Let's get started.

Popular Articles

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve your meals and your budget — not to mention your health, in some cases.

These 6 Lifestyle Changes Might Help Prevent Dementia
These 6 Lifestyle Changes Might Help Prevent Dementia

Science says these practices can lower the risk of cognitive decline as we age.

Watch This: How to Organize Your Home With Dollar Store Products
Watch This: How to Organize Your Home With Dollar Store Products

Yes, it’s perfectly possible to organize every corner of your home using only items from a dollar store chain like Dollar Tree.

View this page without ads

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

Get Started

Trending Stories

Comments