Is It Time to Retire or Start a Second Career?

For many of us over fifty, the idea of retirement is an enticing dream. Ditch the Silicon Valley commute. Eliminate the stress of a 40+ hour work week. Spend more time doing what we love. Yet only 60% of workers say they are confident about their financial outlook for retirement, based on the Employee Benefit Research Institute’s Retirement Confidence Survey quoted in NextAvenue.org (a PBS site for people over 50).

Time To Change Our Mindset About Retirement

Perhaps it’s time to change our thinking about retirement. A second career can provide:

  • Social interactions to avoid the feeling of isolation common to retirees.
  • Mental challenges by learning new skills or technology thus keeping the brain stimulated.
  • Physical activity so you “use it” rather than “lose it.”
  • Sense of identity and being a part of something.
  • Extra income to pay for travel, pay off debt, or add to savings.
  • Health insurance benefits can mean more financially than the actual paycheck.

A Second Career Is More Common Than You Think

According to a 2015 American Institute for Economic Research report, 82% of respondents made a successful transition to a new career after age 45. In AARPs Retiring Part-Time article, they cite nearly 20% of Americans 65 and older are working.

One reason is that we’re living and staying healthier longer. We’re now able to work past the typical retirement age. And… we want to further build our retirement nest eggs.

So how do you go about finding a new career in our golden years?

Second-Act Career Resources

Nancy Collamer is a career consultant and author of Second-Act Careers: 50+ Ways to Profit from Your Passions During Semi-Retirement. She provides a list of 100 resources. Here are a few of my favorites:

  • HuffPost50.com — they have a reinvention section targeted to the 50-and-over crowd.
  • SCORE – dedicated to helping people start and grow a business. Perfect for those looking to launch a business or volunteer as an advisor.
  • Lynda.com and CreativeLIVE – for classes to spark your creativity and learn new skills.
  • Guru.com and VirtualVocations.com – matching opportunities for freelancers in over 160 professional categories.
  • YourEncore.com – connecting seasoned talent with companies.

Note: some of these resources have monthly fees.

Inspirational Stories

Want some inspiration? Read about a former admin worker who is now a seasonal concierge at Bryce Canyon Lodge or a former lawyer and multiple sclerosis and cancer survivor who volunteers as a financial counselor.

Whatever your retirement or working situation, Fiscally Fit can help you manage your financial life. Contact us for a complimentary 30-minute consultation.

 

Photo credit: chriscom, tobin

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