While countless workers dream of retirement, millions more have decided to work full time or part time after age 65:
In fact, the U.S. Bureau of Labor Statistics predicts that by 2024, there will be about 13 million working Americans age 65 and older.
If you’re worried about outliving your savings, working longer is the answer. It can let you:
Wait to collect Social Security. Delaying claiming your benefits until age 70 earns you payments that are much larger than if you had started claiming at or before your full retirement age.
Keep adding to your retirement savings.Leave your nest egg untouched longer. This means having more money to use later and giving your savings more time to grow and compound.
A couple of years ago, MarketWatch cited these findings from the National Bureau of Economic Research:
The longer you work, the longer you can add to your retirement savings, the more time they have to grow, and the less you will need when you eventually retire.
