Research Question: When is the right time to retire from work

I am Takeshi, 65 year old man working at a manufacturing company in Kanagawa. It has been 40 years, since I started working for this company. These days, retirement age of my company was extended to 70 and some people  keep working even they are over 60. To be honest, I planed to retire from work at the age of 60 and wanted to go on a trip, but I have to keep earning money to support a family. 

I have two children who are college studens. They had been in the public school before enrolling in college, so tuition was not so expensive. However, now that both of them are in the private university, so the tuition is too expensive. I need to pay nearly totaled 10 million yen to let them graduate from college.  What is more, everything from food to electricity bills is getting really expensive nowadays. However, a salary I receive every month does not get higher since COVID-19 pandemic. My wife work as a part time job, but this is not enough to maintain our life. Thus it is getting really hard to live a life. Some people say that you can receive the pension after retirement. However, if I retire from work immediately, the amount of pension I can receive get decrese because of extending retirement age. I have no choice but to keep working by reaching extended retirement age to let children to study at college and maintain our life. 

Personally, I think the age of 60 is the right time for workers to retire to enjoy the rest of their life, but it is too difficult under current Japanese society. Japan currently faced aging society so that the number of older get increase but that of younger decrease. Therefore older workforse is needed to maintain the company's structure. As I mentioned above, prices are going up, but wages are not in Japan, so there is no choice but to keep working even after 65 where people define as elderly people.

ChauC. (2021, April 6). Japan approves law raising retirement age to 70 | HRM Asia. HRM Asia.  https://hrmasia.com/japan-approves-law-raising-retirement-age-to-70/#:~:text=Japan%20approves%20law%20raising%20retirement%20age%20to%2070,raising%20the%20retirement%20age%20from%2065%20to%2070.

Nagata, K. (2022, February 3). Global inflation wave pushes up prices in Japan on everything from pasta to gasoline. The Japan Times. https://www.japantimes.co.jp/news/2022/02/03/business/economy-business/inflation-wave-japan/#:~:text=The%20global%20inflation%20wave%20is%20seeping%20into%20the,up%20costs%20of%20everyday%20goods%2C%20gasoline%20and%20power.