![\"Businessman](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/12\/rich-wealthy-senior-man-reads-paper-ipad-blue-suit-cafe_iStock-1267547577.jpg\")
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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Retirement at 65 used to be the norm. You worked 40-plus years, sometimes for the same company and retired with a pension or Social Security benefits and a paid-off house. But times are changing, and some people are delaying retirement<\/a> past 65 \u2014 sometimes, way past.<\/p>\n There are lots of reasons to put off retiring. Medical advances mean that people are staying healthier longer, and you may not feel ready to leave the working world at 65. Recent changes in Social Security rules mean that you can\u2019t take your full retirement amount until 67 if you were born in 1960 or later. And some people may just not feel confident that they have saved enough, or that the social safety net will be there, to retire.<\/p>\n If you are planning to delay your retirement for five years or so, here are three things you can do in the meantime to set yourself up to leave work<\/a>.<\/p>\n Take Advantage of Catch-Up Contributions<\/p>\n If you are over 50, you can contribute more<\/a> to tax-advantaged retirement plans than your younger coworkers. Here\u2019s what the IRS<\/a> said you can put away.<\/p>\n If you have a 401(k) plan, you can contribute up to $23,500 for 2025, regardless of your age. If you are over age 50, you can contribute an additional $7,500 as a catch-up contribution, for a total contribution of $31,000. However, if you are 60, 61, 62, or 63 in 2025, your catch-up contribution limit is $11,250, which means you can contribute a total of $34,750.<\/p>\n If you are contributing to an IRA, you can contribute up to $7,000 at any age in 2025. If you are over 50, you can contribute an extra $1,000 as a catch-up contribution.<\/p>\n If retirement is in your sights, it makes sense to contribute the most you possibly can during your last five years of working.<\/p>\n Practice Living on Your Retirement Income<\/p>\n A good exercise to undertake if you\u2019re approaching retirement is to figure out what your income is likely to be, and then \u201cpractice\u201d living within that amount. <\/p>\n First, determine how much your Social Security benefit will be. You can find this out on the Social Security website<\/a>, under \u201cGet a Benefits Estimate.\u201d If you have a pension, get an estimate for that too \u2014 your human resources department should be able to help with this.<\/p>\n If you plan to work part-time during your retirement<\/a>, estimate how much you\u2019ll earn from that and add that in, too. Then, determine how much you are comfortable withdrawing from your retirement savings on a monthly or annual basis.<\/p>\n Add this all up to get the amount of money you will have to spend in retirement. Now, adjust your current budget so you\u2019re spending that amount.<\/p>\n This exercise accomplishes two things: It gives you a rough idea of how much money you\u2019ll need in retirement and what your lifestyle might look like; and it may help you to save more in those last few years before you stop working. It can also help you decide if you are ready to retire or not.<\/p>\n Get Ready To File for Social Security Benefits<\/p>\n Once you decide it\u2019s time to retire, you\u2019ll want those benefits to start right away. That\u2019s why now is a good time to get the documents you\u2019ll need to file and keep them handy.<\/p>\n Here\u2019s what you\u2019ll need to file for your Social Security retirement benefit<\/a>:<\/p>\n If you were born outside the United States or its territories, you\u2019ll need the name of your birth country at the time you were born, and your Permanent Resident Card if you\u2019re not a citizen. The easiest and fastest way to file is online. To do this, you\u2019ll need to create a Social Security account on the Social Security Administration<\/a> website. You can do this at any time, and it\u2019s a good way to check what your benefit will be and to be sure your earnings are recorded correctly.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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