10 Reasons to Avoid (Delay) Retirement

[Common Sense Party]

Full article: http://finance.yahoo.com/news/10-reasons-avoid-retirement-141326876.html

Some good reasons why retiring at 55 or 62--or, hell, even 67--may not be the best idea (assuming it's even possible). Here are a few of the reasons why retiring later might be a good idea:

* You need the money (duh)
* You like your job
* You want to keep the same standard of living

Your health. Continuing to work could have a positive impact on your health. A recent study of about 429,000 self-employed workers in France by the French National Institute of Health and Medical Research, found people who retire later have a lower risk of developing dementia. "For each extra year of work before retirement, it lowers the risk of getting dementia by 3.2 percent," says Carole Dufouil, a director of research at the institute. "This is in line with the 'use it or lose it' hypothesis, which says that as long as you use your brain, it is efficient."

* Workplace benefits
* Defer taxes a bit longer

Bigger Social Security checks. You get bigger Social Security benefits if you delay claiming your payments between ages 62 and 70. For example, a baby boomer who could get $750 per month at age 62 would get $1,000 per month at age 66 and $1,320 monthly at age 70. After age 70, there is no additional benefit to delaying your payments. Social Security benefits are calculated based on your 35 highest-earning years in the workforce. So, if you earn more than you did earlier in your career, you could further boost your payments.

Retirement age is about two decades away for me. I imagine I will want to keep working for the social aspect.

Have you delayed retirement? Or are you planning to? Is/was it for any of the reasons listed here?

[Sherman A1]

1. I am a bit closer than you to retirement age

my thought is to do what preparations I can and wait to see what the landscape looks to be when I get to 62. My job right now isn't too bad, but things are definitely changing as the younger generation takes charge. I will factor in my health, that of my spouse and what my economics appear to be at the time. I just don't think making a choice years out is a good idea.

I did however get a bit of advice from a friend who retired as a firefighter at 63. Given that male life expectancy is lower than that of females, guys really should go as soon as they can.

We will see....

[Common Sense Party]

2. That's probably not a bad idea for us guys. Enjoy it while you can.

It may be easier to do with a decent firefighter's pension, though.

However, I can't spend through too much, because my wife will still need income long after I'm gone.

[SheilaT]

4. I just wish I like my job enough to want to hang around

a lot longer.

And while all the stated reasons are very good, there are other ways to keep mentally and physically active besides going in to work every day. Take classes. Learn a new language. Read a lot. Walk, hike, bike. Make new friends. Move to a new city so you must make new friends. Explore that city.

Me, I'm 65 and plan to quit my job in April. I won't be taking Social Security just yet, lucky me. I simply have a lot of things I want to be doing that going in to work every day interferes with.

[De Leonist]

5. There is another reason....

By the time someone in my age group is going to be old enough to retire it could be very possible, in fact probable, that there will have been medical breakthroughs that will enable people to lessen things like arthritis and other associated wear and tear that comes with aging.

[SheilaT]

6. My take on that possibility is that

now you can really enjoy retirement, rather than being chained to the bad things about aging.

Of course, for someone who has a job he or she really loves, relief from wear and tear of aging could very much make it possible and desirable to continue working.