Under the current economic environment retirement planning experts find themselves frequently pointing out the benefits that can be derived by working longer. Obviously you continue to earn a paycheck when you are on the job and this speaks for itself with regard to the economic benefits of working longer.
But in addition to this you can grow the size of your Social Security check if you delay your application. If you are not yet receiving Social Security your full retirement age as defined by the Social Security Administration is between 66 and 67 (as of this writing). The exact age at which you will qualify varies slightly based on the year during which you were born.
If you choose not to apply for Social Security as soon as you become eligible for your full benefit you accrue delayed retirement credits. These credits will result in an increase of your benefit of 8% per year that you delay your retirement up to the age of 70. After that you receive no additional delayed retirement credits.
The suggestion here is to consider “working smart” even after you retire if necessary. These days there are innumerable work from home freelance opportunities available, and depending on your area of expertise you may be able to earn some consistent extra money while you actually enjoy the freelance work.
People who work while receiving Social Security after reaching full retirement age can still receive their benefit in full, so working smart during retirement can indeed be an intelligent course of action.