Have you been thinking about delaying retirement?

If so, you’re not alone. According to a recent survey of American workers, more than half of those surveyed said they plan on working past the age of 65. But why?

  • Is it because people are getting living longer?
  • Do you need to work longer to save up enough money to retire?
  • Is it that rapid inflation means retirement is going to cost more?
  • Are just plain scared of what happens when you stop working?

Think about it, it’s the end of your working life, and it can be a scary time to think about how you’ll handle not having a steady income anymore or having a predictable place to go to everyday.

You should also consider whether or not you’re able to keep up with work demands when you’re older. While working longer may seem like an easy way to increase your income and save for retirement, it could end up causing more stress than it’s worth.

So how do you decide whether or not it’s time to retire?

How Much Money Do You Have?

One key factor is how much money you have saved up for retirement. Its important that you get a good perspective on what retirement will cost and if you will have enough money. If you don’t have enough saved up yet—or if your savings rate isn’t high enough—you may want to continue working for as long as possible so that you can get closer (or even reach) your ideal retirement savings goal.

Is Your Spouse Ready for Retirement?

Most spouses retire at the same time. But when one spouse retires and the other continues working full-time, this reconfiguration presents its own challenges—and benefits.

What Will Your Social Security Benefits Look Like?

Claiming Social Security is a major decision when planning for retirement. Every year you delay claiming your benefits from age 66 (or Full Retirement Age) to 70, your monthly check can increase by about 8% a year, In addition, if you decide to claim your benefit before Full Retirement Age, your Social Security benefits will be reduced substantially the earlier you begin.

How’s Your Health?

In addition to working longer hours and taking on more responsibility, many older workers experience increased risk for injury at work due to failing joints and muscles—which could result in lost time off from work, medical bills and other expenses that can add up fast.

However, there’s a very good reason to delay retirement that has nothing to do with money. Recent studies have shown that those who work longer delay the onset of cognitive decline that comes with aging.

Hanging up your career at retirement age may not be good for you. But so what? Continuing to work past the traditional retirement years of 65–the average life expectancy in most developed countries today—is a sign that people are living longer, healthier lives and taking their careers seriously into old age (not necessarily just money-making ones).

If you’ve started to take steps to prepare yourself for retirement, it’s crucial that your unique concerns and limitations are addressed by someone who knows how to overcome them.

Ready to discover more about how to invest and manage your money more wisely? Call me today so we can talk about your future.





Lets chat about your personal goals