First Person: 4 Reasons I Plan to Delay Retirement

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When the economy was booming, I remember attending retirement parties for colleagues on a monthly basis. Since the Great Recession, I haven't been to any retirement parties because most of the people I know are indefinitely holding onto their jobs. It's no longer my dream to retire early. I'd rather have the financial security of a steady income when I'm a senior citizen. As long as I'm able to work, I'm going to work.

Mimicking the rich

According to a recent article by CNBC, many wealthy people don't intend to retire at all. Some set a goal to retire after age 70. A new survey by Spectrem Group shows lower-income groups plan to retire at a younger age, while 15 percent of extremely wealthy people plan to never retire. One-third of those with earnings of $750,000 or more planned to retire when they are "over 70." Most people making less than $100,000 a year plan to retire by age 65. I can easily work in retirement because I love what I do. As long as it doesn't conflict with my values, I want to mimic the actions of successful people.

Supporting a long life

Another reason I plan to delay my retirement at least until age 75 is because of the fact many of my relatives live to be in their 90s. According to statistics cited in a U.S. News & World Report article, 1 in 4 of today's 65-year-olds will live to be 90. I can't count on the stock market to provide me with the kind of returns that supported my grandparents in retirement. By working longer, I'll have cash available to pay for high medical costs and other higher expenses due to inflation.

Expecting reduced benefits

Although senior citizens today act as though they have been slighted if they don't receive a raise in their Social Security benefits, most experts claim my Generation X will receive drastically reduced benefits. My benefits will rise if I delay taking benefits until age 70, but it could be 30 percent lower than what seniors receive today if they work to 70. If I continue working past 70, I'll be able to make up any Social Security shortfall and more.

Having a more comfortable retirement

I know a lot of baby boomers who practically brag about being dirt poor in retirement. It's fashionable to be broke. I'd rather live frugally during my 40s and 50s so I can have more money for medical and other expenses. With the flexibility of telecommuting, I could travel while working when I'm in my 60s and 70s.

I know there are plenty of "wild cards" out there that could potentially crush my retirement nest egg. By delaying retirement, I won't have to live in poverty in retirement like many of the baby boomers I know who retired at 62. My goal isn't to replace 80 percent of my income in retirement as some experts suggest. By delaying retirement, I intend to replace 110 percent of my income so I can live a full life and help my family as well.

More from this contributor:

I'm Not Retiring to a College Town

Living on Half our Pay in Retirement

Retirement Decisions we are Making in our 40s

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