5 Benefits of Delaying Retirement | Personal finance

  5 Benefits of Delaying Retirement |  Personal finance

4. You may become eligible for a larger pension

If you get any of these generous benefits, it may make sense to work a little longer to keep taking advantage of them. Once you quit, you may find that health insurance is expensive and not as comprehensive as your employer plan — and that you end up spending a lot of money to replace other benefits your company may have offered.

Highlights

  • If you work longer, you can raise the amount of income that pension provides by putting in more years. If you’ve moved up the ladder and get raises each year you work, you’ll also boost the amount of your pension by staying on the job for more years at your higher pay rate later in your career.

  • Many employers pay a pension that’s based on your years of service and salary.