By Shelby Deering, Parade, featuring Julia K. Pham, CFP®, AIF®, CDFA®, Wealth Advisor
Although many of us enjoy our chosen careers, even those who feel genuinely happy as they set off for work every day secretly dream of retiring, trading in meetings and memos for gardening and grandchildren. And although you may associate retiring with old age, think again: these days, the average retirement age is 62, according to USA Today reporting on recent surveys.
While retiring early can certainly have its benefits—reduced stress, increased personal freedom, more time to spend with family and friends, to name a few—there are some impactful benefits of retiring later that may turn your head.
“Every person’s situation is different, but if you are in good health and enjoy your work, then delaying retirement is a great option to potentially enhance your financial future,” says Julia Pham, CFP®, Wealth Manager. “For every year that you delay retirement, not only are you not drawing down from your savings, but you also have the opportunity to stock away even more into savings. Aside from the financial benefits, delaying retirement may provide a sense of purpose and provide opportunities for social interaction, which can be crucial for your mental well-being.”
Ahead, read about these unexpected benefits straight from financial experts.
10 Unexpected Benefits of Delaying Your Retirement, According to Financial Consultants
1. Improves Longevity
“From a longevity literacy perspective, Americans are largely unaware of how long they will live,” notes Sherry Finkel Murphy, CFP®, RICP®, ChFC®, Founder, Madrina Molly, LLC, which provides financial and longevity planning education.
Finkel Murphy points out that the life expectancy for a 65-year-old is now 87 years for a woman and 85 years for a man.
“With retirement studies showing that retirement happiness involves maintaining a sense of ‘purpose,’ doing meaningful work, preferably on one’s own terms and schedule, will keep your brain and your body happier,” Finkel Murphy says.
