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Personal Finance

Working Longer Can Be a Win-Win for Investors

Putting off dipping into savings and delaying Social Security can substantially improve your financial position once you do stop working.

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Historically a senior citizen's work status has fallen into one of two categories: working or retired. But as the baby boom generation enters its so-called golden years, and as more seniors find their productivity gas tanks have yet to hit "E," a sort of hybrid retirement scenario is becoming more in vogue. Call it a working retirement, a practice retirement, or what have you, the basic idea is the same: Rather than make a sharp break from a working life to a life of leisure, many seniors are opting for a lifestyle that blurs these distinctions.

Of course, many seniors continue to work well into their 60s and beyond not by choice but by necessity. Insufficient savings, painful stock market losses locked in during the financial crisis, and personal circumstances such as an illness in the family have many seniors wondering if they'll ever be able to retire. An AARP poll of nonretired voters ages 50-64 taken last July found that 72% believe they will have to delay retirement, and half don't think they'll ever be able to retire. 

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Adam Zoll does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.