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How long should you really work?Here are a few reasons you may want to delay your retirement.
You have more time to save.
it’s possible for you to let your nest egg continue to grow without spending valuable principal.
Of that money, 83% would come from a rise inSocial Security benefits.
Who wouldnt want that bigger check?
Taking a smaller, regular check may remove stress in later years, Tyler said.
Also, if you are in poor health, it may pay to take something now.
Reducing Healthcare Costs
Our health naturally declines as we age.
Healthcare will probably be the biggest expense you pay in retirement, Tyler said.
Staying on an employers healthcare plan can remove a huge burden in later years.
And remember, that doesnt include large, unexpected medical procedures that often occur later in life.
A Solution?
Taking the Gradual Approach
Nevertheless, researchers found that the impact of working past retirement ageyielded mixed results.
Retiring doesnt have to be all or nothing.
If your wallet and health can handle it, phase out your retirement or take on part-time work.
Doing so will still give youmore free timewhile earning income and stretching your retirement savings.
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