Many of us look forward to the day when we can
finally retire and live life on our own terms. However, there are plenty of
reasons why delaying retirement might actually be the right choice.
1. You Enjoy Your Work
If you enjoy your job and don't feel like you want to step away from it, there's no reason you have to retire any sooner than you wish. Some people who retire end up looking for things to fill their time, so if you already like your work, you may just as well continue it for the foreseeable future while continuing to make money.
2. You'll Be Able to Save More Money
The longer you work, the longer you will generate the income that comes with it. If you work longer, you can save more money for your retirement so you’ll have a healthy nest egg when you do quit working. Having additional funds will make it easier to travel, spend money on hobbies, and do other things that may make your retirement more enjoyable.
3. You Can Increase Your Social Security Income
The longer you are in the workforce paying into Social Security, the more you'll be able to get back from it when you retire.
"If you've been working for many years,it means you've been paying Social Security taxes on your income for many years," explains Maurie Backman at Fool.com. (1) "In return, you may want to snag as much money from the program as you can. Delaying your Social Security filing past full retirement age will allow you to grow your benefits. But to do that, you may need to extend your time in the workforce. The good news is that any boost to your monthly benefits that you score will be yours to enjoy for the rest of your retirement. And that could give you a lot more financial freedom."
4. Delaying May Actually Benefit Your Health
It's entirely possible that your health can suffer as a result of retiring, which is the opposite of what you might think.
"The truth is that no matter how much you’ve been looking forward to it, retiring from work is a major life change that can bring stress as well as benefits," write Lawrence Robinson and Melinda Smith, M.A. at HelpGuide.org. (2) "In fact, some studies have linked retirement to a decline in health. One ongoing study found that retired people, especially those in the first year of retirement, are about 40 percent more likely to experience a heart attack or stroke than those who keep working."
Retirement has also been linked to an increased likelihood of clinical depression. (3)
5. You Could Keep Your Health Insurance Longer
You aren't eligible for Medicare before the age of 65, so if you retire earlier than that, you'll need to figure out a health insurance plan until then. If you are insured through your employer, that might be the best reason of all to delay retirement if you are not yet at Medicare age.
6. It May Be Easier to Stay in Contact with Friends and Colleagues
Don't underestimate the social value of working. When you have a job, you have colleagues, and hopefully some of them have become your friends. If you retire, you won't necessarily lose contact with all of them. You can keep in touch, but you might miss that regular, daily contact and the interactions that naturally occur.
7. You Can Continue to Take Advantage of Your Job's Benefits and Perks
You may work for an employer who has other great benefits and perks besides health insurance, and if you enjoy those things, you might not be ready to give them up.
8. You Don't Know How You Want to Spend Your Time in Retirement
Finally, you may simply not know how you want to spend your time in retirement. This can lead to a lot of idleness and uncertainty, and possibly even loneliness or depression. Before taking the major step of retiring, try to have a good idea of how you intend to spend your time in a way that is fulfilling and that will make you happy.
There's a good chance you're more than ready to retire as soon as possible, but this isn't necessarily the case for everyone. Give it some thought and determine if delaying retirement is the better move for you.
1. https://www.fool.com/retirement/2023/03/30/3-reasons-to-delay-retirement-even-if-you-can-pull/
2. https://www.helpguide.org/articles/aging-issues/adjusting-to-retirement.htm
3. https://www.newyorklife.com/articles/five-reasons-to-postpone-retirement