There are almost as many reasons to keep working as there are to retire – work adds meaning to your life, enhances your social life, and the shock of suddenly spending all day, every day with your spouse can make even the closest couples a little crazy. U.S. News and World Report highlights some of the more tangible reasons to stay in the work force.
- Working is good for your health. The Journal of Occupational Health Psychology reported earlier this year that seniors who work part-time in retirement suffer fewer major diseases than people who give up working altogether.
- Take advantage of employee benefits. The Employee Benefit Research Institute estimates that a married couple over 65 will need $210,000 to have only a 50 percent change of being able to afford their medical needs. Some jobs offer special perks like employee discounts, on-site clinics, or fitness centers are worth more than just the salary.
- Delay taxes. Delaying withdrawals from retirement accounts delays the tax your clients have to pay on that income, and gives the account more time to accrue assets.
- You need more income. About three-quarters of workers over 55 have saved less than $250,000 according to Employee Benefit Research Institute. If retirement could last another decade or two, some clients may need a few more years to build up that retirement fund.
- A bigger Social Security check is always nice. Each year you delay signing up for Social Security increases your benefit by 7 percent to 8 percent.