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Heres a breakdown of why people are choosing to delay retirement.
Prices for basics likehousing, transportation and foodhave increased considerably against wages.
For those who are short on retirement savings, these price increases could deplete nest eggs earlier than anticipated.
Having to pay down debt on a fixed income is another reason many people are not leaving work.
The goal here is to continue earning to get to pay off debt before fully retiring.
The results are based on a survey of more than 2,200 households and Fidelitys retirement planning methodology.
Collecting Additional Social Security Benefits
The prospect ofincreased Social Security benefitscan motivate many to stay in the workforce longer.
This increase continues until age 70 and provides a compelling incentive for those who can afford to work longer.
Intellectual Stimulation and Career Enjoyment
For many, delaying retirement isnt just about the money.
Its about the fulfillment they get from their career.
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