{"id":5387,"date":"2016-03-27T06:12:38","date_gmt":"2016-03-27T10:12:38","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=5387"},"modified":"2016-03-27T06:12:38","modified_gmt":"2016-03-27T10:12:38","slug":"prime-featured-woman-kerry-hannon-how-to-make-the-most-of-your-second-act","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=5387","title":{"rendered":"Prime Featured Woman | Kerry Hannon: How to Make the Most of Your Second Act"},"content":{"rendered":"
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\"Kerry
Kerry Hannon and her dog, Zena<\/figcaption><\/figure>\n<\/div>\n<\/header>\n
Nearly three of every five working retirees see retirement as a chance to shift gears into a different line of work, according to a 2014 Merrill Lynch study<\/a>. Thirty-seven percent of those surveyed take steps toward that goal in the five years before retirement. That figure, the study notes, rises to 54% when retirement is only two years away. This re-engagement, or\u00a0second career<\/a>, usually occurs after a brief hiatus immediately post-retirement but, once started, lasts about nine years.Welcome to the world of second act careers<\/em>, a world with which\u00a0AARP Jobs Expert<\/a> and Great Jobs columnist Kerry Hannon<\/strong><\/a> is intimately familiar. Hannon is a noted expert on second act careers \u2014 she coined the phrase \u201cSecond Acts\u201d while writing the column by that name for U.S. News & World Report<\/em>. Hannon is a contributing editor and Second Verse columnist at\u00a0Forbes,<\/em>\u00a0and an expert and regular columnist on personal finance and careers for women over 50 at the PBS websiteNextAvenue.org<\/a>. She\u2019s written 10 books advising women about their careers and finances, with a particular focus for those who are 50-plus.<\/section>\n
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Read on PRIME<\/a><\/strong><\/section>\n
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PRiME caught up with Kerry Hannon to learn some of her best tips about second careers and finding meaning in this next phase of life. Here\u2019s what she had to say.<\/section>\n
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PRiME: What are your top five tips for women interested in second act careers?<\/strong>\u00a0<\/strong>Kerry Hannon:<\/strong><\/p>\n
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  1. Don\u2019t do anything rash.<\/strong> \u201cIt\u2019s really important that you take your time and do your homework. Make sure that there is a need in the market for what you want to do, that it\u2019s something you really want to do. Do some soul searching. Reach out and network. Talk to people doing those types of jobs.\u201d<\/li>\n
  2. Volunteer or try the job first. <\/strong>\u201cMoonlight, however you want to phrase it. Add any skills you might need.\u201d Transitioning to a second career successfully can take three to five years, Hannon says. \u201cPeople think they have a passion but when they start doing the job, they realize it\u2019s not so dreamy. So if you can moonlight on the weekends, it makes sense.\u201d She tells the story of a woman corporate attorney who loved to garden. She thought her second act career would be a landscape design business. \u201cBut when she did it, she hated it,\u201d Hannon says. \u201cIt was so solitary. Gardening had been her respite. Sometimes it works to use your hobby but she was a people person.\u201d<\/li>\n
  3. Get financially fit. <\/strong>\u201cIf you have the time do a budget,\u201d Hannon says. \u201cWhere you can, downsize and trim. Pay down debt. Debt can be a dream-killer. If you\u2019re not debt-free, you\u2019re not nimble [to react to whatever might arise in your second career.] Chances are, you will make less than you made before.<\/li>\n
  4. Give yourself time. <\/strong>\u201cStart [that second career] on the side and inch into it.<\/li>\n
  5. Don\u2019t think of second act careers as forever. <\/strong>\u201cIt\u2019s like a patchwork quilt. You might do something for a few years and then do something else. Don\u2019t get in the mentality that it\u2019s all or nothing for the rest of your life. People get scared about second careers, worried they have to reinvent themselves and get new skills. But you\u2019re not reinventing yourself. You\u2019re redeploying skills you already have.<\/li>\n<\/ol>\n
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    Kerry Hannon testifying before the Senate Subcommittee on Aging<\/figcaption><\/figure>\n

    PRiME: What drives women, in particular, to take on a second act career?<\/strong><\/p>\n

    Kerry Hannon: <\/strong>\u201cWhat I\u2019ve found is both men and women look at this stage in their lives \u2026both genders have this curiosity \u2014 is this what it\u2019s all about? We\u2019re losing people we love, not just our parents. We\u2019re getting our own health crises. It pulls you up short. There\u2019s got to be more to life.<\/p>\n

    \u201cBut men have a more difficult time with their egos and starting over as a greenhorn. The greenhorn blues. It\u2019s very much a psychological turn that men seem to have a harder time grappling with. Women are more hardwired to start on this path and not have their egos so tied up in it. Maybe it\u2019s because women have stepped out of the workplace or downsized their work while they had kids. So they have some experience trying it. Women are also more patient. They are more willing to take time and do the homework. They have more patience to let a business grow over time.\u201d<\/p>\n

    PRiME: What role does philanthropy play in women\u2019s second act careers?<\/strong><\/p>\n

    Kerry Hannon: <\/strong>\u201cIt\u2019s huge. It\u2019s a big part of what women are interested in at this stage of their lives. By nature, women are more giving. In this stage, philanthropy is very important. Doing work with social impact is high on women\u2019s radar.<\/p>\n

    \u201cThere are so many ways to do that. The best way to get back in is by volunteering, doing things that use your skills.\u201d Hannon ticks off project management and fundraising as two examples. \u201cA job may percolate right there where you are and you\u2019re networking. You can see the opportunities you might fit into.\u201d<\/p>\n

    \u201cMost of us want to get paid. It may not be the same as before, but it makes you feel valued,\u201d Hannon continues. \u201cFind something you care about.\u201d Hannon offers a few websites that she feels are particularly good for helping people explore philanthropic second careers:<\/p>\n