Reason 4: Cannot afford to retire
While it may not be your case, it doesn’t mean that everyone is in the same boat as you. Almost a quarter of the working seniors in the United States have said that their reason for staying in the workforce is the fact that they “simply cannot afford to retire.” As much as they calculated, they couldn’t see a way in which they could make ends meet, so they are forced to keep working.
One never knows if their savings are enough, and a rocky financial situation, as well as how inscrutable inflation has been in the last few years, have made many not want to take the risk. These financial reasons and the lack of retirement affordability keep a lot of seniors employed, sometimes even when they would like to quit.
I will be 69 in December and I still work full time including an additional 5 hours on Sunday for overtime. I do plan on retiring in December 2023 or February 2024. The reason that I haven’t retired yet is because I want to wait until I am 70 years old to be able to get the full benefit maximum amount from social security. I am eligible for full pensions from my company as I have been there for 31 years. Right now I still enjoy working and when I retire I really would like to travel but I need to find a travel companion to go with me.