Early retirement is a dream for many people, but it might be a terrible idea.
The Washington Post notes:
Actually, there is a lot of research on why continuing to work throughout your senior years can be beneficial. There are at least three good reasons not to retire.
Not retiring can be emotionally, physically and financially good for you.
Of course, neither of those statistics are true for everyone, but there’s an even bigger reason to keep working if you’re able: money. Even if you still retire, delaying your retirement by as little as three months can have a surprising impact on your quality of life.
One recent study found that working for three more months, on average, increases your standard of living by the same amount as 1% annual savings over 30 years.
According to the study, “The relative power of saving more is even lower if the decision to increase saving is made later in the work life.”
If you’re thinking of retiring, you might want to consider another few months delay. Let us know in the comments what YOU think.