If you are trying to decide when the right time to retire might be, then take a look at our coverage of the many arguments for and against delayed retirement.
People choose to hold off on retirement for a number of reasons, such as personal finances, circumstances and preference, and more and more we are seeing people work far beyond what was once considered ‘standard retirement age’.
It is a serious change in lifestyle and for that reason the idea should be approached with strong consideration given as to why you feel now is the right time to end your professional journey. If you are trying to weigh up the pros and cons of delaying retirement then look no further. We have you covered.
Money, money, money
Pro: Perhaps the most obvious reason behind why you might choose not to retire just yet, would be the financial compensation. If you want to have a comfortable post-employment lifestyle you may need to push out the date at which you will retire.
Staying on in your job can give you a level of financial security that you may not otherwise have had, if you left when you first intended to. By staying on for a few years you can better plan your retirement and how you will be able to support yourself in the golden years.
No time for fun
Con: While staying on will set you up financially, it will also demand a significant portion of your time and you may find that you don’t have the opportunity to socialise or engage in hobbies as much as you would like at this stage of your life.
If you envision a future where you have plenty of leisure time, to do with as you please, then a delayed retirement may not be in your best interests. Additionally, as it is likely that many of your co-workers or friends may choose to leave full-time employment, the workplace may in fact become isolating.
Full of life
Pro: For many people, retiring early or at a typically accepted age would not suit their personalities and they may find that they are becoming mentally or physically fatigued by having too much time at their disposal. Often people find meaning through their work, build up friendships and adapt to routine. The absence of that could possibly have a negative effect on a former employee.
Research even suggests that staying employed into your late 60s and 70s can come with health benefits for overall physical and mental wellbeing. Notably, if your job comes with perks, for example health insurance, it also means that you will be reasonably well-covered medically as you enter what may be more challenging years, health-wise.
Negative impact on health
Con: Health can also be a con when it comes to choosing to delay retirement. As we age, we lose some of our physical strength, making it harder to do tasks and activities that we once did with ease. You might find that the work is becoming significantly more difficult or time-consuming now that you are older and may need to discuss revising expectations.
There is also the risk of becoming burned out as the pace of work becomes more than you handle, or you simply have had enough of the same kind of work.
Personal achievement
Pro: Continuing to work can give you a great sense of personal achievement as you meet new milestones and you see the positive impact of your contributions to the workforce. It also allows you more time to see long-term projects come to fruition and to learn and develop skills that are new to your industry.
So much of our lives are spent at work, so it makes sense that you would want to ensure that, by the time you leave, you have actualised your ambitions and achieved all that you had planned when you joined, possibly decades ago.
Blocked opportunities
Con: Sometimes when we are so focused on what we are currently doing, we forget that the future can change at the drop of a hat. By becoming too focused on work and your identity as an employee, you may unintentionally neglect other areas of your life or prevent yourself from taking on new opportunities in your personal life.
Additionally, by staying on in the workforce, long after retirement age, you can prevent an organisation from making use of younger, new employees, who are eager to begin their own professional adventure.
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