Temecula Elder Law Attorneys – What You Should Consider When Working Past Retirement Age

If you are considering working well into your retirement years, here are some benefits that Temecula elder law attorneys give for doing so. Whether it’s out of financial necessity or simply due to good health, each passing generation is statistically working later in life. The pandemic notwithstanding, life expectancies generally continue to rise over time. The days of retiring once you hit 62 are over – unless, of course, you want to and can afford to. 

Advantages of Working Past Retirement Age

Aside from the extra money, which will look nice in your bank account, there are other benefits of working past the point at which you could retire.

• A longer life expectancy allows you more time to enjoy a profession that you love. It also can provide you the freedom to pursue a dream later in life, such as starting your own business. Maybe when you were younger, you could not afford to take the financial risk of starting your own business. Now, perhaps in your 60s, after achieving financial independence, you can finally take that chance and explore your entrepreneurial tendencies. 
• Conversely, maybe you had a carefree YOLO (You Only Live Once) attitude throughout your working years, so you do not have as much money saved for retirement. Instead, you can continue working to either put more away for when you finally do decide to retire or to offset the rising costs of health care or inflation. 
• Speaking of rising health care costs, working later into your retirement years is another way to prevent health care costs from depleting your savings, especially at a time in life when you generally have more medical expenses. If you still have health insurance benefits through your employer, you can avoid higher Medicare supplement costs or gaps in coverage.

Maximize Your Social Security 

Did you know that by working later into your retirement years, you can potentially be paid more in your Social Security benefits down the road?

The majority of retirees prefer collecting Social Security once they are eligible at age 62. However, between the full retirement age of 66 and the age of 70, you can receive up to an eight percent delayed retirement credit each year that you hold off on receiving benefits. Depending on your income and the number of years you worked over the course of your career, you can nearly double your Social Security benefit by waiting until age 70 rather than filing at 62. 

Also, for Social Security purposes, working a higher-paying job in your 60s will help offset some of those early years in your career when you earned less income. This can result in a higher Social Security benefit when you begin to collect benefits.

A Temecula Elder Law Attorney Can Help

There are a number of reasons why someone may choose to continue working later in life. Perhaps they know they will feel lost without the structure of getting up every morning and going to work. Maybe they tried retirement and got bored with all that extra time and decided to go back to work on their own terms. 

Whatever your reason is for continuing to work well into your retirement years, you should still have a plan for your eventual retirement. With the help of an experienced Temecula elder law attorney, you can continue focusing on your career or business, and we can help you set up all of your retirement and estate planning needs. To schedule an appointment, call us at (800) 244-8814.

If you have any further questions about asset protection planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at our California asset protection office at 800-244-8814 to set up a consultation.