Get to know the basics
Download our Starter Guide for a clear, simple introduction to Medicare.
Should You Delay Retirement? Key Considerations to Help You Make the Right Call
Last Updated: June 2025 Print This Article
Delaying retirement is becoming increasingly common. Is working longer the right choice for you? Let’s break down the pros, cons and key things to think about before making a decision.
You could boost your savings.
For many, their 60s are prime earning years—making it a smart time to grow retirement savings. If you’re still working, you can contribute more to retirement accounts, and in larger amounts thanks to catch-up contribution limits. The years of saving could significantly increase your nest egg and help you feel more financially secure in retirement.
You’ll increase your Social Security benefit.
The longer you wait to claim Social Security, the more you receive. For each month you delay benefits beyond your full retirement age (typically 66–67), your payment increases—up to age 70. Delaying could mean hundreds of dollars more per month for life.
Staying socially and mentally active helps.
Work provides more than a paycheck. It’s also a built-in social network and daily routine. Retirement can sometimes lead to loneliness or depression. In fact, research shows clinical depression risk increases by around 40 percent after retirement. If you enjoy your job and the people around you, continuing to work may help your mental and emotional well-being.
Delaying retirement isn’t always a choice.
If you’re putting off retirement because you’re unsure you can afford to stop working, it may be a sign to take a closer look at your financial plan. Many workers haven’t calculated how much monthly income they’ll need—or how much they’ve saved. And while you may plan to work into your 70s, unexpected health issues or job loss could cut those plans short.
You’re betting on your health and job market.
Many financial advisors suggest having anywhere from eight to eleven times your salary saved by retirement. If your strategy is to keep working to catch up, you’re relying on staying healthy and employed. Unfortunately, that’s not always in your control. A serious illness or injury could derail your plans.
The takeaway? Make it a choice, not a necessity.
Delaying retirement can offer big financial and emotional benefits—but only if you’re doing it on your own terms. If you love your work, want more time to save or prefer to wait on Social Security, great! But if delaying retirement is your only plan, consider talking to a financial advisor to explore your options and protect your future.
Read next:
