The Case for Pressing Pause on Retirement

If you’ve been eyeing the exit ramp to retirement, you're not alone. But if you’re like many pre-retirees, you might not be ready to step on the gas just yet.

A growing number of older Americans are choosing to delay retirement amid an uncertain economy. Concerns about inflation, market volatility, and potential staffing cuts at the Social Security Administration (SSA) are causing some to take a beat before clocking out for good.

It’s no secret that uncertainty breeds caution. But what are people doing about it? Let’s unpack a few ideas emerging from this moment.

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—The Money Pickle Team

Delaying Retirement to De-Risk the Future

For those still employed, keeping a job longer may offer two potential benefits: more time to save, and fewer years relying on withdrawals.

Some post-retirees are even reversing course. In 2023, about 13% of baby boomers on LinkedIn re-entered the workforce — a five-year high.

Whether part-time, freelance, or full-time, continued employment can be a buffer against market swings and inflation. It’s not always possible, but for those who can, working a bit longer might help to smooth the transition.

Staying the Uncertain Course

In volatile times, the urge to tweak your portfolio is understandable. But history shows that panic-based decisions can backfire.

Some retirees shared with Business Insider that they stayed the course during previous downturns like 2008 — and emerged more confident for it.

Past performance is never a guarantee of future results, and investment strategies must be tailored to an individual’s preferences and goals. But this trend does suggest that trying to time the market isn’t always the answer, especially in times of uncertainty.

Social Security: Withdraw or Wait?

Social Security benefits increase the longer you wait, up to age 70. Many experts point out that delaying can lead to a higher monthly payout.

But of course, not everyone can afford to wait — and it’s important to understand how Social Security factors into your broader income picture.

Longevity Planning Goes Beyond Dollars

To paraphrase Syracuse University’s Professor Madonna Meyer, even the best-laid retirement plans can be derailed by life. Health changes, unexpected expenses, and even plain old loneliness can all have an outsized impact.

That’s why a growing number of retirement researchers are encouraging people to think about community as part of the equation.

Friendships, family, hobbies, and purpose aren’t just soft topics. They can be used to build a solid foundation of post-retirement well-being.

🥒 Pickle Tip:

Before taking the leap, consider how your day-to-day life may change beyond the financials. Staying connected to a social network, keeping active, and maintaining a sense of purpose can play as much of a role in your future happiness as your savings.

🌟 Final Thought

Whether you’re pausing your plans or pressing forward, the most powerful thing you can do is understand your options. A quick conversation with an advisor in the Money Pickle network might help you make more informed, confident choices — even in uncertain times.

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