An MBA graduate of Fordham University, John F. Davenport founded the Norwalk, Connecticut, firm of Davenport & Associates in 1997. In over 25 years as president, John F. Davenport has served as a financial advisor to numerous clients, helping them make informed choices to maximize their retirement savings.

While many professionals set early retirement as a goal, working longer can place retirees in a much more secure financial position. According to research by the American Advisors Group, more than a third of seniors worry that they will exhaust their retirement savings during their lifetime.

While a senior can begin collecting Social Security benefits at age 62, waiting until the full retirement age of 66 or 67 can increase benefits by up to 30 percent. With life expectancy exceeding 84 years in the United States, retirement savings may need to last 20 years or longer.

Working beyond the Social Security retirement age not only increases overall savings but can also increase the number of higher-paying years of benefits. After an individual reaches full retirement age, each year of continued working up to age 70 brings an eight percent increase in benefits.