Working beyond retirement age can have numerous advantages, both financial and non-financial. One major benefit is that it allows individuals to continue saving money instead of depleting their retirement funds.
By working longer, people have more time to contribute to their nest eggs, which can provide financial security in the future. Additionally, delaying Social Security benefits can significantly increase monthly payments. When individuals choose to retire at a later age, their Social Security benefits grow, resulting in higher monthly checks. This increase can be especially significant for those who haven't worked for a full 35 years or have had years of low earnings.
Moreover, working past retirement age has been linked to better physical and mental health outcomes. Research suggests that individuals who continue working tend to have lower rates of dementia and live longer lives. This is because work provides structure, mental stimulation, and social interactions, all of which are beneficial for overall well-being. Lastly, working can help maintain social connections and prevent isolation, which is important for mental health.
Jobs often involve contact with other people, which provides opportunities for social interaction and helps combat loneliness. Additionally, working can also be beneficial for marriages, as it allows couples to maintain their separate interests and routines. Overall, working into your late 60s or 70s can have numerous advantages and should be considered as a viable option for those who are able and willing to do so.