Whether motivated by the desire to stay active and vital, or by the need for continued financial support, people are putting off retirement and working longer. In fact, according to research from Merrill Lynch and Age Wave, about 75 percent of people over 50 say they see themselves continuing to work well past the traditional retirement age range. The good news? Not only is it good for your wallet, it’s good for your health.
According to a recent TODAY show segment with financial expert Jean Chatzky, creator of the HerMoney podcast, researchers from the University of Miami found that those over age 65 who were still part of the workforce were more likely to report that they were in good, very good or even excellent health, as compared to their peers who were unemployed or retired.
What’s more, a similar study from Oregon State University revealed that those who continued to work past age 65 had an 11 percent lower chance of death from all causes. Beyond keeping you generally healthy, working past age 65 has several specific benefits, such as:
– Keeping your mind sharp – staying engaged helps mental acuity
– Keeping you connected to others – many retirees find themselves somewhat isolated after leaving the workforce
– Maintaining your sense of worth – our identities are often tied up in what we do for a living
– Increasing your financial health – the longer you work, the more you can add to that retirement savings account
– Social security boon – According to Kiplinger’s, the full retirement ag for social security is now 66 for people born between 1943 – 1954, and it will gradually rise to 67 for those born after 1960. However, for every year you delay taking social security past the retirement age, you get a bump of 8 percent until age 70.
So before you trade in your briefcase for a tennis racket, take the above into consideration.
I hope you found this research interesting. Contact me for more helpful home advice and real estate information.
Source: Jean Chatzky, This Week in Your Wallet