More and more older workers are delaying their retirement. Many are doing so because they can’t afford to live the life they had planned during retirement; others because they need health care insurance prior to becoming Medicare eligible; and still others because they feel they will be bored without work.
Studies and research by actuaries, the professional mathematicians who advise pension funds, show that working longer and retiring later improves life expectancy. In a recent report, a longevity consultant said that “retiring at age 70 rather than 60 adds around 13 months to men’s life expectancy — and 12 months to women’s longevity — even after allowing for differences in individuals’ health, wealth and lifestyle.”
So you must ask yourself when it is time for you quit your job. Of course quitting your job does not necessarily mean quitting work altogether. You can volunteer, start a business, work on a temporary project, become a consultant in your field or continue your education, in addition to enjoying the many leisure activities of your choice like fishing, hunting, golfing, spending time with children and grandchildren, etc.
Times have changed, and not only are people living longer (when a couple reaches 65 there is a one in three chance that one will live to 90 and one in 5 chance that one will live to 95), but the average retirement age is climbing as well. According to a Gallup poll nearly half of baby boomers say they expect to work until age 66 or beyond.
The more money you save between ages 60 and 70, the more you will be prepared financially. A bigger bank account will provide a peaceful easy feeling at retirement!