The pandemic intensified the labor market inequities older workers faced in securing jobs. It is quite probable that COVID-19 will force many workers in their 50s into an early retirement or gig jobs.
“One of my mentors, in his 80s at the time, once told me it’s a lot more important to be interested than to be interesting,” Marc Freedman, founder and chief executive of Encore.org and the author of “How to Live Forever: The Enduring Power of Connecting the Generations” says.
I decided in my later years it was not going to be turn out the lights and devote myself to playing 24/7. I’ve come to see this evolving stage of life like a portfolio, and I now have the freedom and self-awareness to change and reprioritize my mix of activities. I view it as having a better balance between quality time with my family, work, play, continued learning and volunteering.
The USC researchers also found that women were more likely than men to have been overly optimistic about retirement-benefits expectations. As a result, men “are more likely to save more and reach retirement better prepared,” the authors wrote.
Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.
Taking early retirement can throw a monkey wrench into your future financial security. That’s why it’s vital to be cautious before doing it.
Kerry Hannon recently spent time with five retirees to learn how their post-retirement work is bringing meaning to their lives and making a difference in the world, even as the coronavirus pandemic rages. Here are their stories.
Assess when, how and if you plan to retire. Many of us want to keep working beyond a traditional retirement age for the mental engagement as well as the money. You might be thinking of retiring from a primary career and launching an encore one or even starting a business. Once a year, think through your plans.
“The self-employed have an inspiring vision of aging and retirement,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, told me. “Compared with employed workers, the idea of retirement isn’t as relevant, because they have far greater freedom to continue working — or retire — on their own terms.”
Work with younger generations. The real fountain of youth is the fountain with youth, according to Marc Freedman, founder of Encore.org. Find ways to connect with younger generations through mentoring, tutoring or coaching.