HAUPPAUGE, N.Y., Sept. 19, 2014 /PRNewswire-iReach/ — During the past decade, the reality of retirement has diverged from popular perception. Most people still imagine that retirement means an instant disconnect from work and a full reliance on savings and social security, but more often than not, employees plan to continue working.

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According to a recent Merrill Lynch study, 72 percent of pre-retirees plan to continue working after retirement. The knee-jerk reaction to these numbers is to assume that financial hardship is forcing older workers to remain at their desks, but a closer inspection reveals a more complex issue.

The fact that the current generation of retirees is living longer and enjoying a higher level of mental acuity is the driving force behind the trend. Morning Star reports that workers in their 50s have a complicated outlook on retirement. Primarily, they don’t feel the need to stop working, and many report feeling anxious or worried about leaving the workforce.

Some of these fears are the results of new scientific research that shows people who continue working have a lower chance of contracting dementia. However, a growing number of retirees see their 60s as the perfect time to work in a low-stress, rewarding environment. The decision to continue working also holds many financial benefits as long as the worker knows how to maximize his or her income.

Delayed Social Security and a Larger Nest Egg Lead to Financial Independence

Financial planning must shift to accommodate the longer working life of the average American, and savvy retirees are looking for planners to help them maximize their wealth. According to TIME Magazine, one of the most obvious benefits of staying at work is delaying social security. Rather than collecting at 62, many are waiting until age 70, at which point benefits will increase by 76 percent. Furthermore, those extra eight years serve to increase the retirement nest egg, allowing later retirees to enjoy their independence longer and more luxuriously.

Investment Planning Becomes Much More Important for Late Retirees

Those who continue to work, even part time, stand to benefit greatly from investment planning. They are able to invest more freely, potentially allowing for higher rewards from the lower risk of potential drawdown. Retirees in New York turn to the trusted consultants at MAGii Inc. to help them create new retirement plans. The MAGii Inc. team is committed to offering clients a comprehensive consultative process to help them reach their financial goals. New clients can even take advantage of an exclusive free-consultation offer.

MAGii Inc. has become New York’s foremost wealth-management firm by focusing on a team approach to financial planning. Each individual’s team changes depending on a variety of factors and may include a certified public accountant, an estate planner, a risk-management specialist and a retirement planner. MAGii Inc. is proud to offer the highest level of client service and extends free consultations upon request.

Magii, Inc is an employee benefits consultant and wealth management firm for successful business executives and near retirees who desire financial peace of mind. magii is located in Long Island, NY and serves clients in New York, New Jersey and Connecticut.

Media Contact: Mark Gajowski, magii, Inc., 631-434-8200, mark@magii-inc.com

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SOURCE MAGii Inc.