‚ÄčNEFE’s My Retirement Paycheck will be retiring on Dec. 30, 2019. For more resources and tools, visit www.smartaboutmoney.org.

A retirement paycheck is a practical way to think about how you will pay yourself during your retirement years.

Click below to learn how each factor works together to optimize your retirement paycheck.

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Advantages of Working Longer Before Retirement

There are many reasons to keep working in later life, whether on a full-time or part-time basis:

  • Fewer years of retirement left to finance.
  • More years in which to accumulate savings for retirement.
  • More years in which to earn Social Security and/or pension benefits, and potentially larger benefits if you delay starting them.
  • Staying eligible for health insurance benefits through an employer, which can provide coverage until you reach age 65 and become eligible for Medicare or later if you remain employed.
  • Feeling younger.
  • Contributing your skills and experience to society.
  • Maintaining or even growing your technical/job skills for current and future employers.
  • Avoiding feelings of boredom that can come from having a diminished sense of daily purpose.

How long you choose to work in retirement is clearly your own personal decision. Just remember that even though you may want to work full- or part-time, circumstances may prevent it (such as a decline in your health, family caregiving responsibilities, or local jobs simply not being available due to a poor economy). But if you are able to stay employed during your retirement years, the benefits go well beyond extra income.