I’m 63 years old, have $800K in savings and I was all set to retire in four months — but now I’ve just got a fantastic new job offer. Should I take it or stick to my plan?

Let’s say you’re offered a position that’s five minutes from your house, with good insurance benefits, no workplace drama or stress, and a good friend who works at the same company and says it’s great.

Oh, and let's say that the job provides just half of your current pay — but the pay is pretty close to what your retirement income would be.

Should you stick with your plan for retiring in this situation or should you take the lower-paying job that allows you to get out of your current work environment sooner, keep insurance coverage for you and your spouse until Medicare age, and delay collecting your retirement benefits to make your money last longer?

Here's what you should consider as you make this decision.

How will taking the new job impact your retirement savings?

When you take a big pay cut, obviously you’re not going to be able to save as much for retirement as you would at your current job. However, with only four months left to go until you stop working, chances are good that you weren’t going to be adding much to your nest egg anyway.

In fact, by delaying when you start drawing from your retirement accounts, and by making sure you don’t have to buy individual insurance coverage for your partner (which Urban Institute reports comes at an average cost of $1,081 per month for a 64-year-old) you can end up in a much better place financially.

Your money can stay invested and keep benefitting from compound growth instead of you beginning to make costly withdrawals. You can also delay claiming Social Security and keep increasing your monthly benefit until as late as 70 years old.

Waiting until 70 to claim Social Security will increase those benefits alone by 24% compared to retiring at a full retirement age of 67. That’s a big increase, on top of the fact you’ll also be growing your invested funds.

How much income do you need to live on?

You’ll also need to consider how much income you need to live on. While you said that your new job will provide an income similar to what you’ll earn in retirement, continuing to work rather than being at home can come with added costs.