Delaying retirement usually isn't something you do because you want to. It's often a necessity because you weren't able to save as much as you'd hoped for. But it's not entirely a bad thing.

There are three big upsides to waiting a bit longer to retire, and you might not have to push your retirement date back as far as you'd think.

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1. Delaying retirement gives you more time to save

The obvious advantage of putting off retirement is that you'll have more time to set aside money for the future. If you qualify for a 401(k) match, you'll also have more opportunities to access employer contributions to cover your future expenses.

How helpful this is depends on how much you can save regularly. Someone who is able to stash thousands or tens of thousands of dollars per year will make progress more quickly than someone who is only able to set aside a couple hundred dollars per month.

2. Delaying retirement allows your existing investments to grow further

Even more valuable than additional contributions are the extra earnings you'll get on your existing savings. The longer your money remains invested, the more it's generally worth. If you can hold off on withdrawing money from your retirement account for a few more years, you'll wind up with a lot more savings without much effort.

Again, how much more you wind up with depends on how long you keep your savings invested, how much you already have, and what kind of investment return you get over that period. But even a one-year delay could significantly boost your nest egg.

3. Delaying retirement reduces the cost of your retirement

An underrated advantage of delaying retirement is that you're also reducing the length and cost of your retirement. This can make your savings target more achievable without requiring you to change your savings rate.

For example, if you plan to delay your retirement by three years and you expect to spend about $60,000 per year in the first few years of your retirement, then remaining in the workforce will reduce your savings goal by $180,000.

All three of the things listed above can work in your favor simultaneously, and they add up quickly. You might only have to wait a year or two beyond your intended retirement date until you have enough money to cover all of your costs. Play around with a few scenarios to see what makes the most sense for you.