Although some people count the years, then months, then days until they can retire, others never seem to retire. If you are one of the people who cannot imagine not working, who hasn’t even bought a rocking chair yet, and who actually enjoys your job…there is encouraging news. It turns out that working longer may mean living longer.
A 30 year study conducted by Shell Oil found that people who waited until age 65 to retire actually lived longer than those who choose to retire at age 55. While not many people retire these days at age 55, the results of the study found a direct correlation between waiting longer to retire and living longer. If you are 70 and still working, you may live longer than your friend who retired at 60 years old. According to the study, people are twice as likely to die within the first ten years after retiring if they retire younger than if they wait to retire until they are older. The chance of dying earlier is even greater for men who retire earlier.
So what does this mean for you? For one thing, it means that the next time a loving family member or friend starts nagging you about why you haven’t retired, you have an excellent, practical response to give them – you are trying to increase your life expectancy! Even the most well-meaning friend or family member will have a hard time finding an argument for that response!
- The Magic of Grantor Trusts - November 1, 2023
- IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis - October 26, 2023
- Understanding the Importance of the Simultaneous Death Act - October 19, 2023
