{"id":6125,"date":"2017-02-02T07:06:05","date_gmt":"2017-02-02T11:06:05","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=6125"},"modified":"2017-02-02T07:06:05","modified_gmt":"2017-02-02T11:06:05","slug":"kerrys-advice-whats-next-working-in-retirement","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=6125","title":{"rendered":"Kerry’s Advice: What’s Next? Working in Retirement"},"content":{"rendered":"
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\"\"<\/a>Not so long ago, the whole idea of working in retirement1<\/sup> was not even a consideration for most people. Now, it\u2019s a reality.In contrast to the declining trend of the youth labor force, the number of workers aged 55 years and older in the labor force grew from 15.5 million in 1994 to 33.9 million in 2014.This trend is expected to continue; by 2024, “The Bureau of Labor Statistics projects that 25% of the American workforce will be over 55.2<\/sup><\/section>\n
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Read on Fidelity Viewpoints<\/a><\/strong><\/section>\n
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There are many reasons why people continue to work well past their parents \u201cnormal\u201d retirement age. For many, the financial need is real. According to the Fidelity Investments\u00ae<\/sup> Retirement Savings Assessment (RSA),3<\/sup> 55% of American households are at risk of not covering essential expenses\u2014like housing, health care, and food\u2014in retirement. Working longer or part-time in retirement can help cover the financial gap.Even if you have saved enough to retire comfortably, you may find that working for pay in retirement can help provide a safety net. It helps stave off dipping into retirement accounts and may even allow you to keep contributing to retirement savings. The pay can also help provide a cushion so you can delay tapping into Social Security until age 70, which would give you a nearly eight percent annual bump in Social Security income versus retiring at your full retirement age (FRA). Additionally, the funds can help cover some of your medical bills not covered by Medicare.Like other major life changes, transitions to another career don\u2019t happen overnight.<\/section>\n
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\"\"<\/a>\u201cSuccessful career shifters typically set flexible time frames of three to five years to move into a new field,\u201d says Kerry Hannon, a Washington, D.C.-based career expert and author of Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy … And Pays the Bills<\/a><\/em>. \u201cFinding what you want to do next is a process. You may try out a few things before you find the right path. Start planning at 55 for what you might want to shift to at 60.\u201d<\/strong>\"Working<\/p>\n

In search of an encore career<\/h3>\n

Some of us are blessed with careers we love, and fortunate enough to be able to continue in them. But many others, especially Baby Boomers, have seen their primary careers come to an end. This has led to the rise in so-called \u201cencore careers\u201d where people pursue new interests, often in service to the community. According to a 2014 survey from Encore.org, a San Francisco\u2013based organization that helps older workers leverage their skills and talents to improve the world, more than 4.5 million Americans aged 50\u201370 identify themselves as working in encore careers (jobs or volunteer work with a social impact). Another 21 million are considering doing so.4<\/p>\n

\u201cWe see a surge in encore careers among retiring baby boomers, driven by a desire for a paycheck, a passion, and a purpose,\u201d says Marc Freedman, the founder of Encore.org<\/a>.<\/p>\n