There's no denying that a longer career will keep you from tapping your retirement accounts and will extend your access to workplace health benefits.
Hannon, however, said there are psychological benefits for older Americans who continue to live a 9-to-5 life.
"People go into mourning when they retire," she said. "Your whole identity is caught up in who you are and what you did. Continuing to work provides social benefits, including feeling relevant," Hannon added.
The next phase of your career doesn't have to be a reprise of your current gig, either. Rather, you can see how your current experience will transition to a different field.
"You're not reinventing yourself, you're redeploying," she said. "Maybe you're taking what you're good at and redeploying into a new arena."
Some employers offer workers flexible retirement options to keep their older employees on board.