We spend most of
our lives working, so we want to have enough money to enjoy when we can retire.
But this article shows that work longer can get more funds than saving more for
retirement. The most critical issue is social security. When people retire,
social security accounts for 80 percent of their income. So if you can save
money in advance, you can increase the amount of money you can enjoy in
retirement to some extent. But, “if a 62-year-old postpones retirement and
Social Security benefits for four years, their retirement income or standard of
living would increase by about 33%. Similarly, if a 66-year-old postpones
retiring until 70, the increase in standard of living is about 32%. In either
case, most of that boost comes from delaying Social Security.”
So if you want to have more money after retirement, working all the time
is the most important thing. It seems to me a paradox, because to want to
retire means you don't want to work, and to want to work means you don't care
about retirement. So more money and rest is everyone's different life choice,
the important thing is to live happily.
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