What's the Ideal Retirement Age for Your Health?
When one thinks about retirement, or considers it, the primary thought on their mind is, "do I have enough money to retire?"
I recently read an article with the above title, that asks a very good question. I thought I would provide you a synopsis of the article and for those considering retirement some points to consider.
Synopsis: The article discusses the history of retirement ages and the implications of raising them on individuals' mental and physical health. It explains that the concept of retirement age originated as a political move and has since evolved due to increased life expectancy. The article highlights that working-life expectancy varies depending on factors like the nature of work and demographic differences.
For those considering retirement, it is crucial to consider the following points:
- People in knowledge-based jobs might work into their 70s without cognitive decline, as cognitive faculties can usually be maintained well into the 70s.
- Delaying retirement might decrease the risk of death, as some people decline mentally and physically when they stop working due to the loss of job-related physical activity and social interactions.
- Physically demanding jobs might require earlier retirement due to the strain on the body. In such cases, retirement might improve health outcomes.
- Life span and health-span vary across race and gender, and the retirement age should be adjusted accordingly to ensure equitable access to retirement benefits.
Individuals considering retirement should assess their work type, health status, and personal circumstances to determine the most suitable retirement age for their situation.
What about those individuals who desire to work into their 70's?
This perked my interest, I personally have shared that due to my having my practice for 29 years, I have assisted many individuals in accomplishing their retirement goals. I have discovered over that time that there are individuals like myself, who really have no desire to retire. I believe this is especially the case for many business owners like myself.
So, I did some research and uncovered the following 7 common reasons why people continue to work on into their 70's. You may relate to one or all of the reasons. I know that I do.