Keep working vs. retire: should you delay your golden years?

If you’re over 50 and thinking about delaying retirement, you’re definitely not alone. Almost 1 in 4 Americans in your situation feel the same way. Money worries are stopping them from starting that long-awaited next chapter.

Retirement planning isn’t just about securing your future. When older adults retire with confidence, they offer a lot to their communities. They share wisdom, time, mentorship and kindness. That ripple effect benefits everyone.

If you’re feeling uncertain about retirement, let’s take a breath and walk through this together. Steps you can take today can lead to a future filled with purpose, connection and peace.

The state of retirement today: a shared reality

Retirement looks a lot different than it used to be. Financial uncertainty, inflation and worries about economic downturns are changing what it means to grow older today.

Retirement has long symbolized freedom: a time to explore passions, travel or simply rest after decades of contribution. For many, it now feels more like a question mark.

Here's what the numbers are telling us:^*

23% of folks over 50 are delaying retirement because of financial concerns
44% are worried about inflation
42% want greater financial security
34% fear a recession or market instability

The hardest number to face is this: the Federal Reserve says that more than half of households have no retirement savings.

More than a personal challenge, saving for retirement is something that can benefit us all.
When each of us empowers ourselves to retire with dignity, communities thrive. Older adults can volunteer, mentor and engage in civic life, which enriches the social fabric for everyone.

Should you delay retirement?

Credit Human is 90 years old. During that time, we’ve learned retirement isn’t a one-size fits all milestone. For some, it’s a choice to stay in a career they love. For others, it’s a strategic move to strengthen their financial footing.

Benefits of working longer include:

More time to save and invest
Waiting to retire gives us more time to save. This reduces future money worries and increases peace of mind.
Higher Social Security payouts
Full retirement age is 67. However, if you wait your monthly benefits from Social Security will be much higher. For example, delaying until age 70 can mean a 24% boost in your monthly Social Security check.
Extended access to workplace benefits
A job usually provides more than just an income. A 401(k) or 403(b) retirement plan often includes employer matching, which is like “free” money to boost your savings. Employer-sponsored health insurance can be a strong way to ensure financial stability. This is especially true before you turn 65 and qualify for Medicare.

When retirement can't wait

Moments arise when stepping away from work becomes necessary, whether because of health, emotional burnout or job loss.

While not exhaustive, here are three reasons to retire early:

Health challenges may make continued employment difficult. In these cases, early retirement can offer important income. It may also provide access to some Medicare benefits based on the diagnosis.
When work becomes too stressful and begins to affect your mental health, retiring can help improve well-being. It can create time for healing and joy.
Job loss later in life could mean having to use credit cards to live in the interim. For those 62 and older, claiming Social Security may be a lifeline. Social Security can help you stay afloat without entering debt.

You've got this

Facing retirement with little or no savings can feel overwhelming, but it’s never too late to take action. Courage and clear thinking in personal finance can turn uncertainty into opportunity. You don’t have to do it alone.

Here's where to start:

Know the numbers
Understanding cash flow, living expenses and debt is the first step to create a financial plan. We’ve made a free spending plan worksheet that helps you turn “what-if” worries into facts. This is key to regaining control of your retirement goals, without compromising your standard of living.
Opening or optimizing retirement accounts
Whether starting fresh or increasing contributions, even small consistent deposits can grow over time. For people aged 50 and older, the IRA contribution limit for 2025 is $8,000. This gives a chance to catch up and build savings.

Tip: Credit Human offers flexible IRA money funds. These funds let you save for retirement without locking up your money for a long time.

Reclaiming financial confidence
Your 50s and 60s are still prime earning years. With the right investment strategy, this chapter can be one of empowerment, not limitation. Credit Human’s Member Relationship Specialists are real people who face the same challenges as everyone else. They can help you find money triggers and reframe setbacks without judgment. This way, you can achieve small wins and build momentum toward your retirement goals.

We're here for you

At Credit Human, we believe everyone deserves a retirement that honors their life’s work. Our Member Relationship Specialists are here to help you. They will guide you through challenges and create a plan that fits your needs. Because this isn’t just your journey, it’s ours too. Stop by one of our Financial Health Centers and let’s build your retirement plan together.

Before you go: Learn more about Retirement financial planning and management and what happens when you consider Tapping into your retirement savings

¹F&G Annuities & Life, Inc. (2025, July 16). Retirement Reconsidered 2025: Third annual F&G survey reveals more American workers consider delaying retirement. PR Newswire. https://www.prnewswire.com/news-releases/retirement-reconsidered-2025-third-annual-fg-survey-reveals-more-american-workers-consider-delaying-retirement-302505922.html