Delaying Retirement Might Not Be Your Only Option If You Need To Boost Savings
Written by
Cara Danielle Brown
Edited by
Jenna Klaverweiden
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Many individuals fall into the trap of thinking they must continue working at their full-time jobs well past retirement age if they wish to boost savings. While delaying retirement is definitely one option for accruing extra funds, it’s not the only option.
According to Norm Cauntay, CFP and CRPC at Edward Jones, there are other ways to boost retirement savings, which fall into three main categories: earn, optimize and simplify.
Also see how to build your retirement savings from scratch in 2026.
Earn
So over that full-time job? Choose part-time work instead. Part-time income streams eliminate the physical and emotional strain of having to hold down a 9-to-5 job while reducing the need for immediate withdrawals from retirement accounts. They can also function as a great way to stay busy during your golden years.
Seann Patrick Malloy, managing partner at Malloy Law Offices, recommended “consulting, contract work or an advisory role in your current industry” to help monetize experience you already possess while making your own hours.
Jeff Hurst, CEO of Furnished Finder, recommended renting out additional properties or spare rooms, which typically requires only between one and four hours a week of actual work.
Optimize
Cauntay is an advocate for “strengthening the savings engine you already have” by making the most of the tools already available to you.
Prior to retirement, individuals should make sure they are capturing their full employer match on 401(k) accounts (“free money”) and using a triple-tax-advantaged health savings account where possible. For those 50 and older, Cauntay also recommended utilizing catch-up contributions to close savings gaps without delaying planned retirement dates.
Another word to the wise? “Even after retiring, delaying Social Security sometimes by only a few months can increase your monthly benefits for life,” Cauntay said.
Simplify
Savings can be accrued by simply spending more intentionally and/or reducing existing costs. Consider downsizing, for example. Malloy said his clients have “sold primary residences at peak value, moved to a lower cost area and invested the difference.”
And for those unwilling to part with large assets, think smaller. Cauntay advised reviewing all subscriptions and recurring costs. Then, trim unused or outdated services and redirect the extra money toward savings accounts. All those little expenses really add up.
Remember, you don’t have to delay retirement; you just have to think outside the box.
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