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Reasons to Continue Working Even if You Can Afford to Retire



Most people work all their lives, waiting until the day they can officially retire. For many, retirement signifies freedom, vacations and leisure—everything they’ve worked so hard to achieve.


But what happens if you reach retirement age and have built a solid nest egg to last you for years to come, but you don’t want to stop working? Well, you don’t actually have to! A surprising number of people put off retirement for quite a few years to continue working, despite being financially capable of retiring.


“Many people forget about the many benefits that working after retirement age can offer, whether financially, physically or emotionally,” says Samuel Rad, Certified Financial Planner in Los Angeles.


If you’re nearing retirement but aren’t sure if quitting your job is the right choice, here are some reasons you might want to stay in the workforce.


Maintain lifestyle


Most people get accustomed to a particular style of living that is largely driven by their income. However, when you retire, you’re likely going to need to adhere to a tighter budget in order to make your savings last for the rest of your life. This means your lifestyle may change—and not necessarily for the better.


If you are happy working, and it provides a better lifestyle than what would be available during retirement, you may be incentivized to continue working. This would also allow you to save even more money for when you do decide to retire, giving you more financial freedom. And, the longer you continue to work, the higher your Social Security benefits will be later!


Stay active and productive


A lot of retirees look forward to the year they get to retire, only to find themselves bored and unfulfilled without a job to fill their days. Working can keep your mind active, giving you something to do each day to stave off that boredom. If the idea of not working fills you with dread instead of bliss, working might be better for your mental health and happiness.


Working can also help you physically. Studies actually show that people who work longer are healthier and may even live longer. Work can keep you active and in shape to help you maintain your physical health.


Passion for the job


For some people, a job is just something that helps them pay the bills. For others, their jobs are their passions and truly enrich their lives. If you identify with the latter, you may have a good reason to stick around at your job for a little longer.


Working a job you love can provide you with a sense of meaning and purpose that you might otherwise lack. This is often reason alone to put off retirement and continue doing something that brings you joy.


Not only that, but you may enjoy the camaraderie of your colleagues and the impact your work has on the world around you. You may not want to give all of that up once you save enough in the bank; fortunately, you don’t have to.


Don’t forget planning if you put off retirement!


While it’s possible to work for many years after you reach retirement age, you don’t want to forget to make a plan for your finances if this is the path you choose. You’ll want to make sure you understand how Social Security benefits, retirement funds and other financial vehicles need to be managed as you delay retirement. A financial advisor in Los Angeles can help answer any questions you might have about delaying retirement and continuing to build your nest egg so you’re prepared moving forward.