At 67 in 2024: Is It Still Smart to Keep Working?

Reaching 67 is a pivotal moment in retirement planning, especially if you’re questioning whether staying in the workforce still makes sense. Born in 1957, turning 67 this year brings several financial considerations that go beyond just another birthday.

The Healthcare Question: Medicare Timing Matters

Your first priority at 67 should be healthcare. Medicare eligibility technically begins at 65, but if you’re still employed with group health coverage, you’ve had some breathing room. However, the real pressure comes if you decide to retire in 2024. The moment you lose your employer-sponsored insurance, you enter a critical window. You’ll have just eight months to enroll in Medicare before facing potential lifelong penalties on Part B premiums—costs that can accumulate significantly over your lifetime.

Unlike the grace period for early Social Security claims, there’s no financial forgiveness with healthcare. Missing enrollment deadlines can result in permanent surcharges added to your Medicare bills year after year, even if you enroll later.

Social Security: When Does It Pay to Wait?

The math on Social Security gets interesting at 67. If you were born in 1957, your full retirement age (FRA) is actually 66 and six months—meaning you’ve already passed it. You could claim your full benefit right now without any reduction. But here’s where strategic thinking matters.

Waiting until 70 substantially increases your monthly payments. Each year you delay past your FRA, your benefit grows by roughly 8%. If your current job provides enough income to cover living expenses, postponing Social Security becomes increasingly attractive. The gamble: will you live long enough to break even on the delayed benefits? For many people entering their late 60s with longer life expectancy, the math favors patience.

Does 67 Still Work? The Employment Dilemma

This is the uncomfortable question most people face: does 67 still work as a realistic working age? Physically demanding careers may no longer be sustainable. Ageism in hiring is real. Yet, financially, working longer has tangible benefits—it lets your Social Security grow, keeps your health insurance intact, and prevents early withdrawals from retirement savings.

The intersection of “does 67 still work” depends on your specific situation. Can your body handle your current role? Is your employer supportive of long-term employees? Do your savings allow you to bridge the gap between now and 70? These aren’t easy questions, but they’re essential ones.

Turning 67 in 2024 demands careful attention to healthcare deadlines and Social Security strategy. Whether you continue working or transition into retirement, the decisions you make now will echo through your financial life for decades to come.