Working longer has plenty of perks. So much so that the U.S. Bureau of Labor Statistics predict about 13 million Americans aged 65 and older will be in the workforce by 2024. Are you wondering why? Following are some reasons why people want to work for as long as they live.
- Better finances
Outliving savings is a major concern for retirees. For those who work longer, this is not an issue. In fact, working longer allows them to delay claiming Social Security for as long as possible and keep adding to retirement savings. At the same time, this leaves the nest egg untouched, if not growing more with the extra time.
- Stay sharp
A job keeps you on your toes. There are tasks to complete, deadlines to meet, and co-workers to team up with. There is nothing of this sort in retirement, which contributes to an increased risk of dementia, according to science. Moreover, one research found that people who did not fully retire enjoy better mental and physical health compared to those who retired completely. One does not have to work 40 hour weeks to have the benefit – part-time work and self-employment counts.
One analysis of a long-term public health study showed that Americans retiring at age 66 had an 11% lower rate of mortality than those working until 65. Even unhealthy people had a lower risk of death when delaying retirement for at least one year!
- Stay relevant
It is not uncommon for people to have an identity crisis after leaving work. For many, their career is a measure of their success and self-worth. This keeps them from retiring completely because it makes them feel good to be needed and to contribute something to reach a goal.
Leaving work can be a shock to the system. Not only will you need something else to do, you will stop seeing those you used to work with. In fact, 43% of people over 60 report feelings of loneliness on the regular. Staying in the work force will keep these connections that are essential to a happy life.