Ulzheimer also recommends not applying for any new credit and cleaning up any default or collection accounts remaining on your credit report. "Once you've stopped working, you will have less capacity to pay off debts and you certainly don't want collections phone calls," he says.
2. Have you maxed out your retirement benefits?
3. Is your health declining?Good health is another reason Americans may choose to work longer, according to Fideler. As a healthy worker, you may find it beneficial to keep your job -- and health insurance -- until age 65 when Medicare can cover some of your health care expenses. If you retire before age 65, you may pay significantly more to keep health coverage through the COBRA program or your spouse's employee health plan, says Repak. "Maintain as active a lifestyle as possible to save money on health care costs now and later," advises Dr. Paul Terpeluk, D.O., medical director of employee health services at the Cleveland Clinic. "You will avoid spending on prescription and over-the-counter medications, procedures and co-pays for the major sedentary-lifestyle diseases such as obesity, diabetes, hypertension, high cholesterol and heart disease."
4. Are you working out of choice?In the ERBI survey, retirees who worked gave some of these financial reasons:
- To buy extras
- Decreased value of their savings or investments
- Needing money to make ends meet
- Needing money to keep health insurance or other benefits