Why are more people putting off retirement?


Quick Answer

Many people haven't saved up enough money by the time they retire, so they feel they have no choice but to keep working until they have enough to finally quit the work force for good. Putting off retirement by just 5 years can substantially boost a person's standard of living.

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Full Answer

For a lot of seniors, they want to delay retirement simply because they love their jobs or they feel they might want to pursue a new field. Either way,they'd rather be at work than deal with the extra time they'dsuddenly have on their hands. Somefeel they might be bored if they retired. Moreover, the jobs these seniors are talking about holding onto aren't necessarily prestigious, high-paying jobs. They may be working at convenience stores or restaurants,but nevertheless the jobsbring them joy and keep them engaged.

Financial need remains a key reason the elderly wait to retire, and waiting longer increases the amount of the Social Security benefits thatthey accrue. There's an 8 percent increase each year thatretirement is delayed. The United States Department of Labor forecasts the number of workers between 65 and 74, and those over 75, will increase by 80 percent from 2006 and 2016.

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