Waiting to Retire May Be a Good Idea

1. You may improve your retirement outlook

According to the National Retirement Risk Index, 53% of workers who retire at or before age 63 will be in danger of having insufficient funds during retirement, while only 32% of those who retire at age 67 will be at risk.* Want to make sure you have enough? Use the My Interactive Retirement Planner to plan for future needs.

2. You can play catch-up

If you continue working, you can boost your contribution level and play catch-up with your savings. In 2020, the 50+ Catch-up option allows you to save up to $6,500 over the current annual maximum of $19,500. The 457(b) Special Catch-up option allows you to contribute up to double the annual limit for three years prior to the year you retire. You can only use one of these catch-up options at a time, but both can help you invest more during your last years of work.

3. You allow more time for possible growth

You may be surprised at the difference a few extra years may make in your account balance. Take a look at how much more you could have by delaying retirement just five years.

Neither Nationwide nor its representatives provide legal or tax advice. This example is hypothetical and is not intended to predict or project investment results of any specific investment. Investment return is not guaranteed and will vary depending on your investments and market experience. Return will vary, particularly for long-term investors. After tax investment balance does not include fees. If fees were included the amount would be lower. Federal income tax calculation based upon 2019 Federal Tax Rate Schedule Y-1 — married filing jointly. It does not reflect any deductions or income earned from employment.