According to an article, As First Baby, Boomers Retire, Many Facing Personal Finance Disasters, more than 10,000 baby boomers a day have turned 65 since January 2011, a pattern that will continue for the next 19 years. However, 60% of baby boomers don’t have enough for retirement. What can you do to fortify your financial independence and make ends meet? The only viable solution is to continue working. There are several benefits when you delay your retirement:
1. Work longer, less time to retire: When you continue to work, you trade off your retirement years. It means you will need less money to spend when you finally retire.
2. A Source of income: There is a source of income when you work. It means you can continue to live the usual lifestyle without dipping into your retirement fund.
3. More savings: When you work, part of your income will go to save as budgeted. The longer you work, the more you will save and the more interest you will be able to earn and accumulate. This will be a new source of a fund when you do retire.
4. Less retirement fund is required: Since you have shortened your retirement years, you will need fewer funds for your retirement and you also have additional funds to cushion future inflation.
5. Meaningful life: Work gives you meaning in life when you enjoy what you do. You are confident of yourself and look at life with a brighter perspective.
6. Happiness: You feel good about yourself because you are leading a useful life and at the same time you are self-supporting.
7. Better health: A change in lifestyle may be bad for your health. There will be emptiness if you do not fill your time with useful things to do. When you work, your mind is working and alert. More likely than not, your working life will be good for your health mentally and physically.
It is a blessing when you have reached your retirement age and you still can hold on to a job that you like and enjoy because the unemployment rate in America is still very high today at 9.2 in June 2011
Source: http://www.allaboutlivingwithlife.blogspot.com/2011/07/7-advantages-to-continue-working-when.html
1. Work longer, less time to retire: When you continue to work, you trade off your retirement years. It means you will need less money to spend when you finally retire.
2. A Source of income: There is a source of income when you work. It means you can continue to live the usual lifestyle without dipping into your retirement fund.
3. More savings: When you work, part of your income will go to save as budgeted. The longer you work, the more you will save and the more interest you will be able to earn and accumulate. This will be a new source of a fund when you do retire.
4. Less retirement fund is required: Since you have shortened your retirement years, you will need fewer funds for your retirement and you also have additional funds to cushion future inflation.
5. Meaningful life: Work gives you meaning in life when you enjoy what you do. You are confident of yourself and look at life with a brighter perspective.
6. Happiness: You feel good about yourself because you are leading a useful life and at the same time you are self-supporting.
7. Better health: A change in lifestyle may be bad for your health. There will be emptiness if you do not fill your time with useful things to do. When you work, your mind is working and alert. More likely than not, your working life will be good for your health mentally and physically.
It is a blessing when you have reached your retirement age and you still can hold on to a job that you like and enjoy because the unemployment rate in America is still very high today at 9.2 in June 2011
Source: http://www.allaboutlivingwithlife.blogspot.com/2011/07/7-advantages-to-continue-working-when.html
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