Veteran journalist and interviewer Larry King just announced his retirement from “Larry King Live” at age 76. Earlier this year, 90-year-old Justice John Paul Stevens announced he would retire from the Supreme Court. Only days ago, 92-year-old Senator Robert Byrd—the longest-serving senator in US history—passed away while still serving his term.
These men all obviously made the choice not to retire at today’s current average retirement age of 65 (for those born before 1937). They didn’t, but what about the average American? When do you plan to retire?
According to Gallup, “Americans’ projected retirement age has gradually increased over the past 15 years, with more than a third of nonretirees today saying they will retire after age 65, compared with 12% in 1995. This marks the first time Gallup has recorded more nonretirees saying they will retire after age 65 than before that age.”
What are the benefits of working longer? According to an AARP study, almost 55% of older adults work to stay mentally active, and 40% work for the enjoyment and social benefits. However, many seniors need the extra money and insurance their job provides—especially in today’s economy.
An article by BBC News has reported that research has suggested that working later may even ward off Alzheimer’s Disease. Researcher Professor Simon Lovestone said, “The intellectual stimulation that older people gain from the workplace may prevent a decline in mental abilities, thus keeping people above the threshold for dementia for longer.”
You may not want to delay retirement until you’re 90 like Justice Stevens, but keep your mind and body active, nonetheless! Your “golden years” will be much more enjoyable as a result.