Thoughts on Careers in "Retirement"

As I talk to clients in their fifties and older, they are all really conscious of needing to plan for the years that traditionally belonged to full retirement. Not only do many people not have the nest egg for retiring at 66, many simply are bored by the prospect. Here is what I am hearing:

Some are interested in transitioning from their vocation to their avocation, such as switching from VP of IT to furniture making.

Others are seeking to go into teaching, usually as an adjunct professor at the college, community college, or adult education level. Many business programs are looking for experienced professionals to lend their learned wisdom to their students. (Prefer a Ph.D. but sometimes a Master's degree suffices if the course is pragmatic enough).

Consulting is probably the most common solution I am hearing about. This option requires planning ahead in terms of developing a clear personal brand (what you do best and the value you bring to the market) and defining the services you can provide and who your target market is. Some people are staying on at their place of employment but in a consulting capacity. There is a great need for the expertise and retained corporate knowledge as the work force becomes younger and less experienced.

Volunteering, although not a money-maker, is an appealing option - but now boomers are thinking about it not it terms of serving soup at a soup kitchen, but rather in terms of how they can apply their considerable professional skills to advance the common good. Whether that means providing business strategy consulting to non-profits or setting up the technology infrastructure for a new non-profit, "retirees" have a lot to contribute.

I even hear of people in their 40s thinking about their futures in retirement. Which makes sense because developing your personal brand and evolving it through life is replacing the traditional sense of identity people got from working for the same employer for decades. It will be interesting to see how the concept of retirement evolves over the coming years. I'd love to hear your thoughts on this!

 

 

Comments

[Salaries]

Volunteering seems to be a good and rewarding option. But people nowadays, needs money. But yeah, consulting should be highly considered.

[Scott Woodard]

Jean,

Many of my clients "of a certain age" are rethinking retirement. Some can't afford to retire, others don't want to retire. Regardless of their reasons, two issues are constant among these folks: First, they want to do meaningful work. They want their effort to matter. And second, they want to be recognized for the work they do; this usually refers to compensation. They may not require the level of compensation they did when they were raising their kids and had a big mortgage. However, they do not want to be seen as volunteers or marginal workers. They want the final years of their career to have an impact - both in terms of their contribution and their reward.

~ Scott

[Lauren McGarrigle]

I am 60 years old and have decided to move from my profession (Controller/Accounting) to Health Information Technology. I choose to go back to school and learn a new profession. I have an MBA, but I need to learn about this new profession, so I am back in school. Most schools have discounts for students over 60 years old. You need to check with your chosen school to determine if this benefit is available to you. You must be motivated and not listen to the people who say "your to old to go back to school". If you want something bad enough, you can do it. Just do not give up on yourself.