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Should You Delay Retirement?


Do you know someone that’s considering retirement, but since the economy lacks stability, they are continuing to work and postponing retirement? I know of quite a few people. In fact, since the stock market has taken its latest downturn, a few of these 60-somethings have expressed the statement to me, “Am I ever going to get out of this place?” – referring to their job of course. It really is sad, but many of the baby-boomers are choosing not to retire because they’re not sure that they’ll have enough money to last them for the rest of their lives.

MSN Money recently had an article that listed 10 reasons why many people are delaying retirement:

1) More time to save – working longer gives them an opportunity to put some money in the bank. Their kids are most likely out of the house and their expenses are way down, plus their earnings are most likely higher than ever.

2) Less retirement years to finance – this is sort of a no-brainer. If you work more of your life away, you won’t need to fund as much in retirement.

3) Health benefits – if you aren’t old enough for Medicare, reasonable insurance can be tough to find.

4) Improve your social life – since many of your friends are at work, staying on the job will enable your active social life to continue.

5) Protect your marriage – agreeing on a retirement age can be difficult, and then once you do that, changing the entire routine can be a struggle as well. By keeping things the same, it will be easier to stay together.

6) Stay involved – many people view retirement as sitting around and doing nothing. It’s easier to stay involved if you are working and around people.

7) Give something back – by staying at work, you’ll have the opportunity to pass your skills onto the younger generation.

8 ) Flexible Scheduling – you might choose to work, but with additional sources of income (such as Social Security), you might be able to pick and choose your hours.

9) Continue to delay taxes – since you are working, you most likely don’t need the additional income from your 401(k). By choosing not to withdraw right away, you won’t need to pay taxes until later.

10) Higher social security checks – by postponing your retirement, you’ll be able to receive the full benefit from Social Security, rather than just a percentage of the total.

What Do Most of These Points Have in Common?

More than half of the 10 reasons have to do with one particular subject, and I don’t think you’ll have to think to hard to discover what that one thing is: M-O-N-E-Y.

Of course, money is the problem! I think I may have heard that once or twice before…

If you are currently younger than 30 years old, remember this list. Perhaps it will give you a kick in the butt and cause you to start taking action on your retirement planning. Put some money in the stock market, but don’t bank on that alone. Consider investing in real estate, collectables, business ventures, as well as other opportunities that might come your way.

If you are older, is the lack of money keeping you from retirement? Rather than just admitting defeat and decide to work another 5 years, get creative! What is your passion in life? Perhaps the pursuit of your passion could be turned into a business venture on the side. This could be painting, sculpting, building, grooming, playing piano…ANYTHING! Any skill that you have can most likely turn into additional earnings.

A friend of my co-worker discovered late in life that he was pretty good with carving out wood to create portraits. He did a little carving in the evenings (after his regular job) and earned quite a lot of money. As the word spread, he soon had enough work to last him for over a year! He no longer needed the income from his job and could earn more money with fewer hours. Plus, he thoroughly enjoyed carving something out of a hunk of board!

Have you thought about retiring late in life? What was the reason? Have you thought of a better solution than ‘work an extra 5 years’?

Money Retirement


My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. I plan on focusing heavily on paying off debt over the next several years and getting myself in a position to purchase more real estate. Then I plan on paying off that real estate and using the rental income to replace career income allowing me to retire when I choose and manage the real estate in much fewer hours until I am forced to take money out of my 401(k).

    • I love your planning CFM! Real Estate gets me excited too. Not only does it often increase in value, but it also provides a residual cashflow. It’s pretty old school, but it’s a pretty tried and true method to becoming wealthy over time! 🙂

  2. I’ve heard that people who continue to work live longer. Mostly because they have a purpose to get out of bed everyday. Although I would like to retire from working for money, I see myself working until I can’t work anymore either at my businesses or volunteering.

    • I like your thinking FSYA. Just because you might stop working at your regular job doesn’t mean that you’ve lost your purpose. Volunteer or begin your own business! That will give you a sense of purpose! Thanks for the comment! 🙂

  3. The first time I retired I was young (38 yrs. old). I think I was trying to find or runaway from something. I enjoyed that situation for 7 years. I returned to work and found it more fulfilling. When I retire from teaching it will be for different reasons. It will be time to embark on the next chapter of life.

    • You have had such an interesting life Krantcents! I’d love to read your biography! 🙂

  4. I think one of the problems people have when it comes to the “retirement decision” is that all or nothing mentality. Perhaps what we’ll see more of in the future is a scaling of working hours… to part time. There are several benefits… steady income, some health care benefits, social involvement, reduced taxes, more flexibility, ability to travel, etc. I think my first choice will be to scale back my work schedule, not give it up in one foul swoop.

    • If you enjoy your job, then working part time probably won’t be so bad. But, if you find yourself becoming a Walmart greeter or a McDonalds employee, you’re probably not retiring quite the way you had invisioned. I’d rather own my own business and pick and choose the hours I want. That’s what I’m working towards now. 🙂

  5. So sad that money is what makes the world go round…. the ups and the downs in the economy these past few years have instilled a great fear in the average person of what the future holds….

    • You’re right. Money does make the world go round, but at least we have some control over our own cashflow. Proper planning can allow us to retire without fear.

  6. I hate it that some people force themselves to stay in their work for the sake of money. I am pretty satisfied with my work now, but I know there will come a time when I want change. With enough money, I can pursue doing things that I am passionate about, and with luck, I can earn a lot doing them.

    • Just focus on developing multiple streams of income and you’ll be fine. Thanks for the comment!

  7. It is always important to keep doors open and realize that you aren’t “stuck” doing something you don’t want to do. I know that if my current position is not where I am supposed to be, I will not be afraid to move on. That being said, I do realize that with my large family, I will need to start something early before moving onto to something else. It will take a certain amount of planning for sure. Thanks for keeping me thinking – even though I am over 30. 🙂

    • Keep your options open and you’ll have less chance of financial strain, and you’ll most likely be happier because of it! Thanks for the comment!

  8. I never want to retire, but I would like to get out of the rat race. I hope to be engaged in something productive until the day I can no longer, though! I see how it is for my grandmother and her peers and sometimes I think they would live better and healthier lives if they continued doing work of some type or another! Indeed, my grandmother still has some of her health cause she does keep busy with cooking and things like that.

    • I hear ya IIW! I would like to get out of the rat race as well. Making money through my own ventures would be ideal, and it’s just so fun that it hardly feels like work at all! I can see myself searching out opportunities until the day I die as well. 🙂

  9. I don’t want to retire cos that spells like death to me.. hahaha.. but yes, I want to be financially free & able to take on projects that are close to my heart for as long as I possibly can.. so now the clock is ticking on getting to the financially free phase! ;p

    • When I retire, I’m just going to use my extra time to do what I want. I’ll most likely focus on my own business ventures!

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