You’re still paying for your children’s education

Even if you haven’t tapped into your nest egg to pay for your children’s college tuition, you might have needed loans to do it. ” By taking these loans to support their children, parents have to put aside other life goals such as purchasing a new home or saving for their golden years, says Flores Wilson, a certified financial planner, chartered financial analyst and editor of Planning to Wealth.

With loans extending up to 15 or 20 years, this means you might have to keep making payments for education, especially if your children will not afford to, at the expense of building your retirement fund.

You love your job

Sixty-five is the new forty-five and many people still feel up to the task of going to work on a daily basis. More than that, they still love their job and simply don’t want to part with it by retiring.

However, you should know that when you reach your full retirement age, for people born in 1960 or later that age is 67, you are allowed to receive Social Security benefits and work at the same time. But if you collect your Social Security before you reach your full retirement, you might receive less if you also work.

A smarter approach would be to collect your Social Security when you turn 70 and maximize your monthly payout.

You’re afraid of boredom

Sixty-five became the retirement age in the United States with the implementation of the Social Security Act in 1935. At that time, the average life expectancy for men was 77.7 years old and 79.7 years old for women.

Since then, life expectancy in the United States has largely increased by almost seven years, to 84.3 years old for men and 86.6 years old for women. Retirement is much longer now than in the past and many future retirees are worried that they might grow bored in retirement, without the thrill and social interaction that come with a job.