Delayed Retirement: Deciding to Wait Longer


delayed retirementOne of the reasons why people work is to have enough financial means to live a good life well until their golden years. However, majority of Americans say that they may need to postpone their retirement. According to a recent poll by the Associated Press-NORC for Public Affairs Research poll, 82% of workers aged 50 and older think that they will probably still work even after they reach their senior years. Meanwhile, 47% expect to retire later than they have anticipated.

So why do most people choose to postpone their retirement on a later date? According to the poll, 78% said that they’re doing it for financial reasons. Meanwhile, 67% are taking a rain check on retirement because they still need their employee benefits.

If you’re approaching retirement age, decide whether you’ll leave the work force on time or if you’ll postpone it for a few years more. As you weigh these options, you need to evaluate your finances and health.

Retirement Savings and Financial Wellness

Evaluate your finances and consider the kind of life you want during your senior years. Is your retirement nest egg substantial enough to shoulder your expenses at this stage? If your answer is yes, you can easily retire on time. If you respond otherwise, you need to reconsider your finances, calculate how much more you need and determine how much longer you’ll work.

1 out of 6 individuals who were polled admitted that they have less than $1,000 in their retirement savings. Clearly, this is not enough to fund a person’s needs during this period. If you can identify with this group, moving retiring at a later time is a smart move for you.

If you decide to postpone your retirement, make it a point to sock away as much as you can for this stage and maximize your contributions to retirement savings plans such as 401(k). Furthermore, start purchasing insurance policies that you will need for this stage. Make sure that you have long-term care insurance as this policy will keep your retirement nest untapped even if you need to pay for care services in the future.


You may want to set a new retirement date, but sometimes, having a frailer health will prevent you from doing so. If you intend to work longer, make sure that your body will be able to handle the extra years of work.

If you already have medical conditions yet you still want to work, you can opt for a part-time position. This job may not earn as much, but at least, it won’t cause more damage to your wellbeing.

Don’t See it as a Failure

If you decide that you need to delay your retirement, don’t beat yourself up for it. A delayed retirement doesn’t mean a failed life. Don’t blame yourself if you didn’t save enough or if you didn’t plan early on. What’s important is you finally recognize what needs to be done and actually take action in securing the years ahead of you.

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