When Retirement Is Right for You

Have you thought about the benefits of waiting to retire? Christine Benz, the director of personal finance for Morningstar.com, discusses the benefits of waiting several years before making that life change. One of the greatest reasons for continuing to work is to delay social security payments, which will increase the value of your benefits substantially. You can begin collecting social security when you are 62, but if you wait until you are 70, your payment will nearly double! Of course, you must consider your physical and mental health first and foremost. Are you physically and mentally able to work eight extra years? For some people, continuing to work can be a benefit to overall health by staying active, particularly from a social perspective, or it can be a great time to pursue an encore career doing something that you feel passionate about. This video makes a compelling argument for waiting to retire, and perhaps that decision is right for you.