Tag Archives: retiring later

Have you considered retiring later?

John DeGoey, CFP, CIM

Special to the Financial Independence Hub

There are countless pieces of advice regarding retirement planning out there.  Some of them deal with lifestyle issues (How will you fill your day?  Are you sure your spouse shares your vision of how time in retirement will be spent?  What will you do to stay sharp now that you’re no longer working?), but most deal with the financial aspects of retiring.  For people who are nearing retirements (i.e. those in their 50s and early 60s), there really are only four choices that can be manipulated to help maintain a suitable cash flow for your autumn years:

  • Save more
  • Invest more aggressively
  • Accept a lesser lifestyle in retirement
  • Retire later than you planned to

There is a long list of resources and pundits who offer input on the first two items … and virtually no one wants to talk about the third item, because it is seen as a last resort.  What about the fourth item?

Retiring later is not always an option, but for those people who have some discretion, it merits serious consideration.  To begin, there are plenty of experts who can attest to ‘staying involved’ as a pathway to staying young, vigorous and mentally sharp.  Not everyone feels this way, but many people working a bit longer (even if only part time) can attest to the fact that doing so helps in their retaining a sense of worth, identity, belonging and contribution.

Taking my own advice

At this point, I need to disclose that I am planning on taking my own advice.  Less than a decade ago, I told friends I’d retire at 65.  Then, when the age for full OAS was raised to 67, I told people I’d work to that age.  More recently, even as the age for full OAS has been lowered back to 65, I am thinking of staying in the workforce longer – until age 70, perhaps.  Once again, I really enjoy my work – this option isn’t for everyone! Continue Reading…