It may be wise to wait a few more years for retirement, says Stonegate Capital Advisors and Jameson Van Houten.

1. It may be wise to wait a few more years for
retirement, says Stonegate Capital Advisors.

2.  World travel. Picking up a
new hobby. Completing
long-delayed home
improvement projects.
Retirement can be an
exciting time in one’s life.
 However, Scottsdale
financial services
expert Jameson Van
Houten of Stonegate
Capital Advisors says
there are plenty of
reasons to wait.

3.  With advances in
medicine and healthier
living habits, people are
experiencing longer
lifespans. Now add in
bear markets, sudden
medical expenses,
savings shortfalls, and
immoderate withdrawals
from retirement accounts
and a person can spend
their retirement funds
more quickly than they
realize.

4.  Waiting even a few years
longer to retire means
fewer years spent
depending on your
assets and instead
receiving greater monthly
Social Security income.
In fact, a retiree who
claims Social Security
benefits at age 70 is set
to receive monthly
payments 76% greater
than a retiree who claims
them at age 62.

5.  Medicare will not cover
people – retired or not
– until they turn 65.
And those people with
pre-existing conditions
may find it hard to get
private insurance. So
what will they do in the
event of an illness?
Will their finances hold
up?

6.  The intellectual
demands of the
workplace, as well as
socialization with
friends and co-
workers, can help a
person keep mentally
focused and happy. It
may be difficult to find
an equivalent once a
person ends his or
her career.