Many workers look forward to retirement. However, there are a growing number of workers who are not planning to retire at the age of 65. According to PR Newswire, 53 percent of workers have stated that they plan to work after the age of 65. There are several reasons that people are opting to work longer.
Many people do not have enough money in their savings account to retire. The average worker between the ages of 56 and 61 has $17,000 in their account. If you want to retire but you do not have a lot of money in your savings account, then you will be better off postponing it.
You should strive to save 4 percent of your income each month. Many people postpone retirement because they want to get more Social Security. If you delay filing benefits, then you will be able to increase your earnings by 8 percent every year up until the age of 70.
For example, you would be getting $1,500 if you retire at 67. If you wait until you are 70, then you will be able to get $1,860 per month instead. Some people retire later because they have no idea how they are going to spend their days. Retired people are 40 percent more likely to have clinical depression.
That is why if you have no idea what you are going to do after you retire, then you will be better off postponing it. Other people delay retirement because they want to keep themselves healthy. While working a high-stress job can cause health problems, you can improve your health if you have an active job.
Studies have shown that working longer can lead to better health. That is why if you are mentally and physically able to keep working, then you may want to do it.