Reaching age 65 once meant collecting a final paycheck. But today, more Americans are trying to delay retirement — working well into the traditional retirement years, not because they have to, but because they want to.
According to the Pew Research Center, in 2016, 18.8% of Americans age 65 and olderreported being employed part- or full-time. By 2022, that number is expected to grow to 31.9%. We’re living longer and healthier, so it makes sense for us to continue working, learning, and maintaining the social connections that the working world brings well past the age of 65.
Here are 8 tips to help you delay retirement:
Want to Delay Retirement? Try a Proactive Late-Career Job Switch
The financial benefits of continuing to earn an income and delay drawing retirement benefits cannot be denied, yet many people nearing retirement age just can’t imagine staying in their current job for another 10, 15 or 20 years. For them, it may be time to think about a shift that will allow them to delay retirement and work longer (and happier).
New research from the Center for Retirement Research at Boston College suggests that switching jobs — voluntarily — can increase the likelihood that you will still be working at age 65 by 20%, regardless of gender or education.
Find a Flexible Job
The study’s researchers suspect that switching to a more flexible job — work where you have ability to control your schedule and/or work outside of normal business hours or do the job from home — may help you delay retirement and stay working longer.
What if you’ve dreamed of retiring so you would have more time to spend with family, pursue hobbies, or travel? You may be able to continue to earn an income and do those things with flexible work.
Keep in mind that part-time and flexible work often comes with a reduction in pay and benefits. You may need to scale back your lifestyle to adjust, but consider it good practice for full retirement. Just make sure that you know how your current income, retirement plan contributions, and other benefits will be affected.