Working Past Retirement
July 28, 2017
Working past the age of retirement is a growing trend in America. In fact, according to the latest Pew Research, nearly 20 percent of Americans 65 and over reported being employed full or part time. The number is projected to hit 30 percent by 2022. People aren’t necessarily working longer because they have to, but instead because they want to.
There are benefits to extending your employment that range from keeping the mind active to increasing your Social Security benefits.
Psychologists say your brain is like a muscle – using it helps it stay strong and fit. While mental decline as you age appears to be largely due to altered connections among brain cells, research has found that keeping the brain active seems to increase its vitality and may build its reserves of brain cells and connections. You could even generate new brain cells.
The stereotype of aging workers unable to keep up with the demands of their jobs is passé. In some industries, like education, law, business, and social services, older workers are thriving because of their extensive knowledge base. Many older workers say they find their work more satisfying now than they did in their thirties and forties.
There is also a somewhat little known benefit to working past 65 called Social Security Delayed Retirement Credits. If you defer receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase on a percentage basis depending on when you were born. To find out how much, go to the Social Security retirement planning website.
If you decide to delay your retirement, be sure to sign up for Medicare at age 65.
In the end, if you are healthy and able to work past the age of retirement, there is good science backing you up. Just imagine the reward that comes with mentoring a younger worker and being valued for your knowledge and work ethic.