Should I delay my retirement?

Maybe. Lots of people should seriously consider it. Hanging on at work for even one more year can be a great boost to your long-term security, especially if you are about to retire when the markets are inconveniently in a swoon.

Say you’re 60 years old, making $75,000. You've got a $500,000 nest egg and are saving 15% of your salary in a tax-deferred account, split 60/40 between stocks and bonds. If you retire at 65, your chance of your money lasting through age 95 are just 54%. If you work just two years longer though, the projections are far better - you’d have a 78% chance your savings will last until age 95. Your chances of success jump to 87% if you push your retirement age back three years to 68.

Every year that you are able to earn enough money to live on allows you to leave your retirement egg untouched for another year and increase your Social Security payments - leaving you more money when you finally do stop working. To top of page

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