For those getting closer and closer to retirement, delaying the year of retirement may be something to think about. This video includes valuable advice on how to make this decision. Many people think seriously about delaying retirement because of world events. The fluctuations in money markets and the uncertainty in the economy make people nervous to give up work. Such feelings are largely off base, but they must be qualified by facts and analysis.
While it is true that working a few more years will increase the amount of money in savings funds and give more of a cushion when starting to make withdrawals from it, people should weigh the extra money against the value of having more time to do the things they want in retirement. Financial planning for retirement is not only about maximizing the amount of money in a retirement account; it’s also about knowing when there’s enough money to enjoy the sunset years. The fact is that time is infinitely more valuable than money. It’s good to prioritize family, friends, and fun over adding a few thousand more dollars to a retirement account.
