From
Your Perspective:
Retirement catch-up for late starters
Retire later or
work during retirement
While no one wants to delay retirement, postponing your plans for a few years can help you build up the balances in your investment accounts and avoid drawing on the
assets
you have. Putting off your plans for a few years may also increase both the Social Security and retirement plan benefits you’re entitled to. And since you’ll be spending fewer years in retirement, your projected retirement needs will be less.
If your spouse or partner isn’t working, you might decide together that income from an additional job could help significantly. Finally, moonlighting at a second job or starting a home business before you retire can help you transition into retirement work, as well as provide access to retirement plans for the self-employed. Start thinking about the type of work you might enjoy doing later in life and research whether this will be possible. As with all aspects of retirement planning, the sooner you get started, the more likely you will be to realize your retirement dreams.
