Sure, retirement is a finish line of sorts. But then again, it’s also the starting point for a brand new part of your life. All you may be worried about right now is getting there, but what you should really be focusing on is how to optimize retirement.
But it’s not as simple as asking, “Would I work for 1 more year if it means I have an extra $50,000 going into retirement?”
There are a number of factors to consider, so let’s break them down and answer the question, “Should you delay your retirement?”
Now, I’m not writing this to blindly tell you that you have to work for more years than you thought. I simply want to open your eyes to opportunities and aspects of your situation that you may not have considered.
You’ve heard your whole life that you’re working to get to retirement as soon as you can, but you may not want to follow that plan.
So consider the following…
Do you enjoy your job?
I don’t blame you if you feel like you have to stop working once you hit retirement age. Virtually everyone has been brainwashed into thinking that because that’s the way it’s always been.
But what if you like your job? What if you’re happy getting up and going to work?
The first thing I want to point out is that you DON’T have to retire as soon as you hit 65.
Or maybe you’d like to keep working, but a bit less. Many employers will be happy to cut your hours and keep you on, especially as an experienced member of their team.
Do you enjoy the social aspects of your life now?
Something many new retirees realize is that it can be a lonely transition into the world of retirement. Consider how much of you social life stems from your job or your daily life, and what will disappear once you retire.
Do you have enough money saved?
The obvious part of this discussion is whether or not you need to save more before retiring. That will clearly weigh heavily on your decision to stay in the workforce or not.
But again, consider a partial retirement where you only work half days or 3 days a week if you still need to save up more money into retirement.
Measuring up your options on delaying retirement should take some time. But remember, if you can wait until age 70, you can maximize your social security payments, which is a significant difference over the “normal” retirement age of 65 or 66.
