6) Delaying Social Security
Social Security benefits are often a very helpful source of income for retirees, averaging over $1,300 per month. However, the longer you delay your receipt of these benefits, the larger the monthly payout will be, such that waiting until 66 or 67 (full retirement age) can cause your benefits to be increased by 30%. As such, unless you have an issue which interferes with your ability to work, it may be in your financial best interest to return to work if you retire on the earlier side. Ultimately, the decision about whether to return to work for this reason relies on many factors, including your health, life expectancy, additional resources for retirement, and your expenses.