When Should You Delay Your Retirement?

As you get closer to the last leg of your life, you may want to spend quality time with your family and friends; however, in some situations, it may be more favourable for you to delay retirement.

Amit Sethi
October 7, 2023
Retirement Delay

Retirement Delay

You should think out of the box when making decisions about your retirement. Sometimes, people decide to retire just because they have reached the age of 60. However, it is vital to remember that 60 is just another age; if you are prepared, you may retire well before 60 or delay it beyond. So, here are some of the situations when you may find it more favourable to postpone retirement.


If You Are Loaded With Debts

After retirement, you need to restrict your expenses in sync with the return earned on your retirement corpus. If you retire with a huge pile of debt, you may find it unfeasible to meet the debt repayment obligation. It’s better to close the loans before you retire. You may postpone the retirement by a few years to repay the outstanding loan amount. Later, after retirement, you can use the entire earnings from your retirement corpus to meet your retirement goals.

When You Are Not Ready With The Desired Retirement Corpus

You must have planned how you would like to spend your time after retirement. For example, you may have planned to spend time on club activities, travelling, repairing your properties, etc. But do you have enough corpus to meet all such expenses? If not, you may delay your retirement by a few years and accumulate an adequate corpus for meeting the expenses related to your post-retirement goals.

If You Have Unaccomplished Goals That Can’t Be Achieved If You Retire

If you have such goals that can’t be accomplished once you are retired, you may delay your retirement by a few years. You can work towards achieving your goals, and once it’s done, you may decide to retire from the work life.

When Your Favourite Hobby And Your Profession Are The Same

It can’t be better than having a profession similar to your hobby. In such a situation, you may not want to retire from work for your whole life! For example, suppose you are a painting artist, a musician or a story writer, and your hobby is the same as your profession; you may continue to work and enjoy your hobby.

Before retirement from work life, ensure you are perfectly ready for it in all the aspects encompassing financial, mental and physical factors. After retiring, it can be tough to return to work life, so it’s better to make yourself completely sure before you quit the existing work life for your retirement.

The author is an independent financial journalist

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