Don’t retire before age 65 if you want to live longer, is probably not what you were expecting, as conventional wisdom is quite the opposite.

Most of us are led to believe that to live a long life, you need to retire sooner rather than later, kick back and spend more time relaxing and doing the enjoyable things in life, if we want to live longer. Where this idea has come from I am not sure, but recent evidence shows that the opposite may be true.

According to a recent study by the University of Michigan that was funded by the National Institute on Aging, it discovered that people who work past age 65 live longer lives.

People who work past age 65 live longer lives

The reason is continuing to connect with the rest of society and not allowing for the brain to stop working. According to the study, continuing to work helps us in two ways. We all need sufficient money to maintain our lifestyle and social interaction with others on a meaningful level.

What is even more interesting is that the finding appears to show evident that this is true regardless of your health. In fact, those who are healthy and who worked one year longer than the typical retirement age had an 11 percent lower risk of death than those who retired at the normal retirement age. On the other hand, those regarded as unhealthy who worked a year longer had a 9 percent lower chance of death. (The study tracked a group of nearly 3,000 people between 1992 and 2010.)

Another report by the Stanford Centre on Longevity discovered in 2012 that nearly a third of those aged 65 to 69 were still working at least 10 hours per week — a 26 percent increase over 2000.

Incredibly, for those aged 70 to 74, 17 percent were still working in 2012, a 42 percent increase since 2000. People are working longer into old age more so than ever.

People are working longer because they want to be active, achieve more and contribute more to society. Some people need to work because they have not built up enough savings to retire. Fortunately, the economy of the western world not only needs more workers, but is also able to provide employment for those who wish to continue working: Those over 65 are still finding work opportunities of all kinds in many different areas.

Evidence suggests, don’t retire before age 65, if you want to live longer.

The other added benefit of continuing to work longer, is that your savings can accumulate to a larger amount before retiring once and for all. We do however recommend moving away from stressful work and to gradually reduce your working hours, so you can pursue other interests.

It is perhaps not how long you live, but how much you can pack into a lifetime and work certainly has a major part to play in that.

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Deciding if work is still an option for you beyond normal retirement will depend upon what type of work you do. Moving to a less stressful role and less physical one, could just be what will keep you working longer and possibly into your 70’s.

If you would like to talk to about financial planning, please get in touch for a no-obligation meeting. Go to our website and contact us via our “Get in touch” form on our home page or Contact Martin Dodd on 01902 742221.

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It is advisable to take advice from a professional financial adviser when making major financial planning decisions.

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This article has been prepared in good faith and based on Midlands Investment Agency’s understanding of the law and interpretation thereof at the time of creation. The contents should not be regarded as specific advice and we always recommend that specific advice is sort from a qualified professional. No responsibility can be accepted by Martin Dodd or Midlands Investment Agency Ltd., for any loss that may occur by a person acting or refraining from acting on the basis of this article.

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