Are you close to retiring, but not ready to completely stop working? Or have you retired already, but now are looking for part-time or full-time work opportunities (AKA an encore career)?
You’re not alone. While the idea of going back to work may seem counterintuitive, encore careers are becoming increasingly popular in retirement. In fact, according to a study by CareerBuilder, nearly 60 percent of workers who are age 60 or older anticipate looking for a new job after retiring.
And it’s not always about the need for supplemental income, says career expert Kerry Hannon, author of Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy…And Pays the Bills.
“Even if someone has saved adequately, they may be concerned about rising medical costs, or they may want to push back Social Security, have a safety net, or just want to be engaged, involved in something,” Hannon says.
Even if someone has saved adequately, they may be concerned about rising medical costs, or they may want to push back Social Security, have a safety net, or just want to be engaged, involved in something,” Hannon says.
Besides, she adds, “at first it may be fun to have time off, but given the longevity of today’s retirement, they may be asking, ’What is my purpose here?’ and ‘How can I reinvent myself?’”
If so, she says you may want to do some soul-searching.
“If you’re 60, you could have another 15 years to start down a full new path again,” Hannon says.
Here are three career tracks to consider if you are looking for your encore career.
This is the first place to start, according to Christine Russell, senior manager of retirement and annuities at TD Ameritrade.
“See if you can consult with your former employer, and do some freelancing within your respective career. You already have the skill set, so this is the easiest transition,” Russell says.
Are you friendly? Good with people? Like to help others? Look no further than the hospitality industry, says Russell.
“This is an industry that is always looking for quality people,” she says, especially for seasonal employment.
“Older Americans are the perfect candidates,” she adds.
And in the digital age, the opportunities for work-from-home gigs are endless.
“If you’re more of a homebody, you can be at home in your office selling stuff on the internet,” whether products or services, says Russell. For example, “writers can write, start a blog, and if you have a hobby, you can turn that into a money-making hobby.”
Hannon says many older Americans are also starting new businesses, helping the elderly retro-fit their homes, becoming bookkeepers, project managers, joining non-profit organizations, and even becoming retirement “coaches.”
“People are retiring to something,” says Hannon.
By Vera Gibbons
Vera Gibbons is the Founder of nonpoliticalnews.com, which produces “NoPo” – a free daily newsletter that covers and curates non-political news only within Consumer/Personal Finance; Health & Wellness; Fashion/Beauty; Fitness/Diet.