Working longer is good for your health as well as your finances.
When Levine turned 70, she quit her high-pressure information technology job and now works 16 to 20 hours a week at a women’s clothing boutique.
That isn’t to say everybody should keep working. Many people have grueling or unpleasant jobs, and they simply aren’t able to work or don’t want to. “We encourage people to keep working,” says Levine’s financial advisor, Ed Gjertsen of Northfield, Ill. “Retiring and playing golf all the time is a little taxing. Working at a golf course is a different matter.”
“You gain two ways,” says John Crowell, 67, of St. Augustine, Fla., who began working as a real estate agent after he sold his business and retired as an insurance agent. “The money is growing, and the years are shrinking.” If you haven’t worked 35 years, or you had some years where you earned very little, your benefit will grow even more rapidly. Because Social Security calculates benefits based on average wages the year you turn 60, many workers will permanently increase their monthly check by working past 70 as their salaries naturally rise with inflation.
3. It’s Good for Your Health Research has found that working longer is associated with increased longevity and decreased dementia. A 2020 Lancet study on dementia noted that countries with earlier retirement ages have increased dementia rates.
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