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Pros and Cons of Late Retirement by William Schantz

Late Retirement

For workaholics, late retirement seems like the best idea. They get to make the best use of their time, staying productive and doing what they love. But is working longer really a good idea? Does it only have benefits, or are there some downsides too? In this guide, William Schantz walks you through the pros and cons of late retirement so that you can make the best decision based on your personality if given a chance.

Advantages and Disadvantages of Late Retirement by William Schantz

Here are a few pros and cons of late retirement, as pointed out by William Schantz

Pros of Late Retirement

  • More Time to Save Money

When you work for a longer period, it naturally means that you earn much more in that time frame, which allows you to save more eventually. This means that you can afford a better lifestyle for yourself, with more to spend on yourself. So if you like working and staying productive, this is a win-win situation.

  • Staying Productive

When you keep your mind busy doing something productive, it eventually allows you to use your time well, which can help with positive thoughts and overall well-being as opposed to finding your thoughts going haywire.

  • Bigger Social Security Checks

Your social security check will also be much higher when you retire late. The payments grow by 8% annually if you wait for delayed retirement credits.

  • Employment Benefits

If you are employed for longer, you keep getting benefits like health insurance, paid gym memberships, access to company cars, and so on.

Cons of Late Retirement

But while there are perks of retiring late, it isn’t entirely a good thing. Here are a few downsides it has too.

  • Compromised Health

After a certain age, you don’t have the stamina to keep going. You need to focus on health as well. If you push yourself beyond certain limits, it will lead to you over-exhausting your body reserves, which is unhealthy. You will find yourself getting too tired and eventually burned out too.

  • No Time to Pursue Passions

You don’t get to enjoy your time doing things you genuinely love to do. Say you’ve always loved reading but had a hectic life. So you never got the time to spend a few hours reading your favorite book. After retirement, you have the time to pursue your passions. But when you retire late, you don’t get that time either.

  • Ruthless Workforce

When you grow older, you will naturally not have the same energy levels you once did. So no matter how much hard work you put in, you will feel like it is just not enough. This can leave you feeling highly dissatisfied with what you are doing, which is also detrimental to your mental health. So William Schantz says you must try to see the work that matches your energy.

Final Words by William Schantz

With a better idea of the pros and cons of late retirement, as pointed out by William Schantz, you can decide what you want to do with your life.