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Bakery shop with two people holding an "OPEN" signIncreasing Your Retirement Security

Delaying retirement may improve your finances, but it comes with its own set of challenges and may not be possible for everyone. If considering a delayed retirement or late-in-life career change, take a look at factors to consider and how other people have made the change.

Delayed Retirement

A postponed retirement, sometimes called a phased retirement, can be used to increase your retirement savings by adding to your savings, but also by delaying the need to access your retirement savings. However, delaying your retirement may not be an option for you due to health-related work limitations, caregiving responsibilities, or a forced early retirement. If you are able to delay your retirement Social Security (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) retirement benefits are increased by a certain percentage (depending on date of birth) if you delay your retirement beyond full retirement age (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . The benefit increase no longer applies when you reach age 70, even if you continue to delay taking benefits. 

Second Careers after 50

Launching a second career in your 50s, 60s, or 70s is more common now than ever. Those considering this option often fall into one of two groups: individuals who can't afford to retire on their current savings and Social Security benefits; and those with a comfortable retirement savings who want to stay active, test out a hobby-job, become an entrepreneur, or get involved in their community.

If you are looking for how other people have made a career change after 50, check out AARP’s Great Second Careers, How They Did It — How You Can Too (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) .

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