Ample evidence shows that mothers earn less than non-mothers, yet recent studies show that the motherhood earnings penalty diverges by occupation. Women in professional occupations have greater access to workplace benefits which help reconcile work-family responsibilities and reduce non-employment spells. However, because of their higher earnings, women in professional occupations who re-enter after a break may experience significant earnings penalties. One strategy women employ to mitigate the earnings penalty is to delay childbearing. Here, I examine whether delayed fertility is positively associated with a reduced motherhood wage gap across 20 occupations. Using multilevel models and 2011-2015 American Community Survey data, I show that mothers in professional occupations experienced the largest earnings penalty with early motherhood, but also the largest premium with delayed childbearing. While delaying a first birth mitigates the earnings penalty in high-wage occupations requiring extensive career preparation, women in low-wage occupations experienced little economic benefit from older motherhood.