The Benefits of Delaying Retirement Beyond 65
For many people, retirement at 65 has long been the goal. But what if continuing to work past 65 could actually bring some surprising advantages? For residents in senior living Lakewood, choosing to delay retirement can provide both financial and emotional benefits, giving life a fulfilling new rhythm.
Why Consider Delaying Retirement?
Retiring later isn’t just about earning a paycheck for a little longer—it’s about finding purpose, staying active, and reaping benefits you may not have considered before.
3 Financial Perks of Delaying Retirement
1. Boost Your Social Security Benefits
If you delay collecting Social Security past full retirement age (typically 66 or 67), your benefits increase by about 8% per year until you reach 70. That’s a significant bump in your monthly income!
2. Longer Savings Growth
Working a few extra years allows your retirement savings to grow, especially if you’re still contributing to accounts like a 401(k) or IRA.
3. Employer Health Insurance
Staying employed often means you can maintain employer-provided health coverage, reducing out-of-pocket expenses for healthcare until you transition to Medicare.
Emotional and Mental Benefits
Stay Connected: Work provides opportunities for social interaction and collaboration, which can help combat feelings of isolation and loneliness.
Maintain a Routine: Having a daily schedule gives structure to your life and can improve mental well-being.
Keep Your Mind Sharp: Staying engaged in meaningful work stimulates cognitive function, which is especially important as we age.
Sense of Purpose: Many people find that continuing to work gives them a reason to get up each day, along with the satisfaction of contributing to something bigger than themselves.
Things to Consider Before Delaying Retirement
Evaluate Your Goals
What do you hope to achieve by working longer? Knowing your “why” can help guide your decision, whether it’s financial stability or personal fulfillment.
Check Your Health
Make sure you’re physically and mentally up for the demands of your job.
Explore Flexible Options
Consider part-time work or consulting to balance earnings with enjoying the perks of semi-retirement.
Talk with Your Employer
Discuss your plans to ensure they align with your role and workplace expectations.
A New Perspective on Retirement
In retirement communities Lakewood, residents often share stories of how they’ve transitioned from full-time work to a more flexible, fulfilling lifestyle. Some continue consulting or freelancing, while others pursue new hobbies or volunteer roles that keep them engaged and active.
Retirement, Reimagined
Delaying retirement isn’t about working forever—it’s about making choices that align with your goals and needs. Whether it’s financial security, social connections, or personal growth, staying in the workforce a little longer can open doors to new possibilities and a more prosperous retirement.