Five practical reasons not to retire

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.