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.