A recent MassMutual survey identifies 63 as the ideal retirement age for many Americans, as it aligns with having approximately 40 years in the workforce and eligibility for Social Security. Delaying retirement offers financial advantages, such as enhancing savings and securing larger Social Security payments. With a median retirement savings of $200,000 for those aged 65 to 74, working longer can help build or preserve retirement savings, allowing for tax-advantaged growth on IRAs and 401(k)s. Ultimately, working longer can lead to a more secure financial future in retirement.
Working longer offers numerous financial benefits, enabling you to add to your savings or enjoy added growth in your portfolio before you tap into it.
Delaying retirement could be quite beneficial, as it provides an opportunity to boost savings, preserve your nest egg, and secure larger Social Security checks.
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