The American dream used to be to work hard and retire early. But what if you don’t feel like retiring?
That mindset seems to be gaining steam. Among 65- to 74-year-olds, labor force participation is predicted to hit 32 percent by 2022, up from 20 percent in 2002, according to the Bureau of Labor Statistics.
Research shows that for some, continuing to work – whether full- or part-time – throughout their senior years can be beneficial and gives them a sense of purpose.
Working longer might even prolong your life, according to a study conducted by Oregon State University.
Financial considerations figure heavily into the decision t0 keep working. Working longer lets workers delay filing for social security, save more for retirement, and spend fewer years using money out of their savings to pay for living expenses.
Lengthening working years also allows employers to reap the benefits of the extra skills and mentoring abilities of mature employees.
While many people believe retiring before 70 is ideal, the benefits may make a worker think twice about early retirement.
Are you planning to retire early, or will you be working past 70? I’d love to hear your thoughts.
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