Benefit From a Delayed Retirement?

As the financial crisis drags on, many people have either contemplated or already delayed their retirement dates. While continuing the daily grind is a notable negative for those displeased with their boss or employer, there are a few positives from postponing your retirement date. These include:

• Allowing your retirement savings to grow, since you're living on the income from your job, not from your investments.
• Adding to your savings. If you don't spend every dollar earned during your "extra" working years, the excess can be saved in your retirement accounts, such as a 401(k) or Roth IRA.
• Increasing your Social Security benefits. Every month you delay retirement until your 70th birthday increases your retirement benefit.

However, balancing the financial incentives of a delayed retirement with your personal lifestyle ambitions is challenging.

Have you changed your retirement plans due to the recent stock market slide? Do you know your normal Social Security retirement age?