This post comes from Dave Bernard at partner site U.S. News & World Report.
U.S. News & World Report on MSN MoneyThe magical age 65 that signaled retirement time for our parents might not hold true for the baby boomer generation.
Retired couple © Rubber Ball/Getty ImagesSure, the idea is appealing to call it quits before we are too old to appreciate and enjoy our second act. But the reality may be that 65 is just too young to retire. Some 76 percent of employees say they will continue working past retirement age, with 40 percent working because they want to and 35 percent because they will have to, according to a 2013 Gallup survey. Here’s when it might make sense to delay retirement past age 65:
When you still have a job. If you are currently employed, still able to effectively perform your duties and the job itself is not driving you crazy, it can make sense to stay at it for a while more. The longer you can delay taking Social Security, the more your monthly checks will ultimately be. For each year beyond your full retirement age that you delay collecting Social Security benefits up to a maximum age of 70, you will receive an additional 8 percent. You can also delay the time when you will become 100 percent responsible for your own health insurance premiums as long as your employer is picking up part of the tab.