How to Determine Your Expected Retirement Date [Video]

Key Takeaways

• When you work longer, you are able to continue making retirement plan contributions, which benefit from additional years of compounding. If you’re investing inside of a tax-sheltered account, you get additional years of tax deferral. You also may be able to delay Social Security.
• If a person has a pension, and additional years of service are not going to increase that benefit, they will not see as many of the financial benefits of working longer. There can also be knock-on tax effects and Social Security effects.
• One reason to think twice about working is if you or a loved one has a health condition that is limiting your ability to work. Another health consideration is if you have reason to believe that you do not have a very long life expectancy.
• Reasons to continue working aren’t just financial. If you want to keep working, you could potentially do something that …