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The first things that come into my mind, in random order, serious and less serious:
1) Tolkien wanted to continue with the familiar character he was maybe fond of or he needed Gandalf as a starting element in the story. Later, he just couldn't kill him. Our tender-hearted professor...
2) Wise Gandalf from Valinor is always around, and then he leaves without ever coming back to Middle-Earth. This strongly contributes to the theme of passing away and that people (hobbits, Aragorn) should do things themselves, not always wait for someone (Gandalf) to be helping them.
3) Gandalf's existence is nearly essential in Saruman's drama, and you wouldn't like to drop Saruman out, would you?
4) The good guys need a figurehead that matches the nazgűl.
5) Someone needs to be with the eagles pick Frodo and Sam up from Mt. Doom.
6) Gandalf gets close to the reader at the beginning. He is an important character. If he'd permanently die when there's still 3/4 of the book to go, that would leave the reader with a hollow feeling. (Tolkien wrote the story to himself, yes, I know, but he wouldn't have made a modern-style or poor story.)
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Like the stars chase the sun, over the glowing hill I will conquer
Blood is running deep, some things never sleep Double Fenris
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