It is no longer the case that as soon as you hit 60, it is time to start thinking about retirement.
After all, the working landscape has changed over recent years, with life expectancy improving and people realising that they can stay on longer with their job if it suits.
There can be various advantages to delaying retirement, although these will largely depend on your personal circumstances and whether you feel able to continue for a few more years.
Reasons to delay retirement
People have different reasons as to why they don’t want to start planning retirement until a later date.
It might be that they simply enjoy work and cannot envisage life without it – finishing a job permanently can be a daunting prospect if you are not fully prepared.
You may want to delay retirement by switching to a part-time role before leaving work entirely – think about what is best for you and amend your retirement plan accordingly.
For others, delaying retirement may be something they do not have much control over, especially if they need to continue working to boost their income.
This can be beneficial for those who have been out of employment for a long period of time, or who have not paid as much into their superannuation as they would have hoped.
Being unprepared for retirement is common among Australians, highlighting just how important it is to start making plans sooner rather than later.
Improving the transition to retirement
Deciding to delay retirement gives you greater opportunity to think about how you will make the transition to your post-work years, which in some situations can be just as important as getting your finances in order.
Life without work can seem like an exciting prospect, but the truth is that it can lead to all sorts of emotional strain you may not have considered.
Putting off your retirement for a while longer can give you greater opportunity to adjust to the thought of no longer having to follow a work routine and allow you to psychologically prepare.
However, it is important to remember that you will more than likely have to retire at some point, so you are only delaying the inevitable!
Seeking retirement advice is a good way to get yourself in order and ensure you are well prepared when the time finally does come to finish work entirely.