Here are reasons why you might want to delay retirement

If you've been dreaming of retirement since you entered the workforce, you might have a certain idea of what it looks like. But there's a chance you might not start retirement when you thought you would, perhaps due to circumstances beyond your control or because you're simply not ready to exit the working world. While life doesn't always go according to plan, would-be retirees can make the best of a delayed retirement timeline, and may even find that putting it off for a few years is a good idea.

- Dori Zinn, Tribune News Service

Amid a shifting economic landscape and the possibility of living longer than ever before, the traditional retirement age of 65 to 67 might not be the best plan for everyone. For some, punching out for the last time may need to be pushed back a few years. (A financial adviser can help you run the numbers.)

Here are reasons why you might want to rethink your retirement timeline. You give yourself more time to save and invest: For many retirees, $I million is the magic savings number for retirement, but most Americans are nowhere close to that figure. According to Vanguard's “How America Saves 2024" report, workers who were between 45 to 54 years old in Vanguard's retirement plans had a median of $60,763 at the end of 2023. Those aged 55 to 64 had a median $87,571 in their plan.

Delaying retirement gives you more time to save for your golden years and less time to live off your savings. Many retirees fear they will run out of money before they die, so the more time you spend saving, the less you'll depend on that nest egg when the time comes to stop working.