Why You Shouldn't Retire at Age 66

By Trisha Sherven

NEW YORK (MoneyTalksNews) — Ask a baby boomer who they are and they’ll most likely tell you what they do. This is a generation of hard-working people, proud of their life’s accomplishments. So when they hit that 66th birthday and are eligible for Social Security, many boomers aren’t ready to retire.

The U.S. Census Bureau says the rate of participation of people 65 and older in the workforce increased from 12.1 percent in 1990 to 16.1 percent in 2010, and was 16.2 percent in 2011. Surveys show a growing number of workers 40 and over are planning to work beyond retirement age.

In the video below, Money Talks News founder Stacy Johnson offers multiple reasons why you should consider working after you reach retirement age. Check it out, then read on for more information and tips for finding work in retirement.
Baby boomers – people born between 1946 and 1964 – have a lot going on. They’re living longer, to an average of 83 years, the federal government says. They have a lot of financial and familial responsibilities. AARP reports that half of all baby boomers and two-thirds of younger boomers have children under age 18 living at home. More than a third of boomers take care of an aging parent.

So, for some people, earning money is essential. But there are multiple reasons to stay on the job. Here are some of the most significant ones:

  • You need money. Social Security and whatever retirement savings you have may not cover your expenses. Plus the longer you put off getting Social Security, the more you’ll receive each month over the rest of your lifetime.
  • You love to work. Baby boomers have a competitive, proud spirit and that is nurtured through working. They’re typically confident and great leaders in a workplace.
  • You enjoy the social and mental benefits of working. Collaboration, time management, problem solving, innovation and creativity are all necessary skills on the job. Staying in the workplace helps keep those skills sharp.
  • You want to leave a legacy. For some people of retirement age, work is an opportunity to have a lasting, meaningful impact.