The theme for this week is the best age to retire. The timing of your retirement is one of the most important decisions you’ll make. Period. It’s a decision that has financial, psychological, and health consequences that could impact you for the rest of your life, so the decision about when to retire must be carefully considered.

Earlier this week, we talked about 3 signs you’re ready to retire. Today, I want to flip that around and talk about 3 reasons why you may want to keep working, even if you’ve reached the age of retirement, which traditionally is in your early to mid 60s.

An obvious reason why you shouldn’t retire is that you’re not financially ready to retire. So that’s a given. You definitely don’t want to retire if you’re not financially prepared, so let’s focus today on 3 other important reasons why you may not want to retire just yet.

#1 - You still enjoy work. Who says you have to collect your gold watch and walk outta there at 63? Many people love working, they love what they do, and work brings them a sense of fulfillment. I recently read an article about an 106 year old attorney in New York who is still working. According to the article in the New York Law Journal, “Until [Mordie Rochlin] contracted pneumonia at age 102, he worked in his tidy office on the 32nd floor three or more days a week reading company email, working with his assistant, attending partner lunches, telling stories about the early days and sharing the keys to his longevity.” If you’re like Mordie, I say ignore what everyone tells you about when you should retire and just keep working, baby!

#2 - You can’t seem to get a clear vision of your retirement. If you don’t yet know what you’ll do in retirement - how you’ll spend your time and with who, and you don’t have a strong vision for retirement, that could be a clear sign that you’re not ready to stop working yet. It’s important to have a clear vision and sense of purpose for your retirement, because that will determine your goals and ultimately the day-to-day lifestyle of your retirement. Try to get crystal clear on your retirement vision before you make the leap into retirement.

#3 - Working longer may help you live longer. A study from the Center for Retirement Research at Boston College found that working past the age of 65 reducing the risk of healthy people dying by 11 percent and unhealthy people by 9 percent for each year of continued work. Research also points to a decline in cognitive abilities after retirement, that people who are still working are less likely to experience. Work provides many opportunities for engaging your mind -  learning, problem-solving, and reasoning - all of which help to combat the effect of aging on your brain. Work also helps to keep us physically active, which has many health benefits.

That’s it for today. Thanks for listening.

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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