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It’s no secret that Baby Boomers are reinventing retirement and many plan to continue working past the point when earlier generations moved to the sidelines. However, after raising their families and building their careers, many boomers want the work they pursue in the second half of their life to differ from the first half.
According to “The New Face of Work” survey by the MetLife Foundation/Civic Ventures, 53 percent of all adults age 50 to 70 say they may work in retirement. Surprisingly, the survey also revealed that half of all Americans age 50 to 70 are interested in taking jobs — now and in retirement — that would improve the quality of life in their communities.
What jobs interested respondents? According to the study, 78 percent were interested in helping the poor, the elderly and others in need; 56 percent were interested in dealing with health issues; 55 percent were interested in teaching or other educational positions; and 45 percent were interested in working in a youth program. Another survey finding was that respondents sought second-half careers that would provide income, help them improve the community, keep them involved with other people and give them a sense of purpose.
Like this growing group of Americans, you may want to do “good work” in the second half of your life but aren’t sure what you want to do or what positions are available. If you want to invest your time, talent and experience in work that benefits the community and adds meaning to your life, consider these ideas:
The changing faces of retirement |
As you envision your retirement, ask yourself: What am I passionate about? How do I want to spend my time? Who do I want to spend time with? How do I want to make a lasting mark? What do I want to pass on to others? If conducted prior to retirement, such a self-assessment can help you prepare emotionally and financially for the future. “The Dream Book,” a new retirement planning tool from Ameriprise Financial, is based on the idea that writing down your dreams increases your likelihood of achieving them. Available via www.ameriprise.com, the book features a self-guided process for defining your dreams.
After years of identifying yourself with a certain job or a specific profession, it can be challenging to see yourself and your background in a different light. Are you good at organizing, supervising people or talking on the phone? Consider how you can leverage your capabilities and interests to benefit others. For example, you could put your business skills to work helping operate a nonprofit’s cleaning service or consignment store. On the other hand, you may want to completely change your career path and need retraining. Investigate what the training involves, how long it will take and how much it will cost.
Before making a major commitment or life change, consider pursuing your passion on a smaller scale first. Explore your desired role or organization through a volunteer position, internship, part-time job or temporary post. If available, you may want to take advantage of a sabbatical from your current job to try out your options before resigning.
Expect to face trade-offs as you pursue “good work” and jobs that serve society. Perhaps you’ll consider working for a lower salary in exchange for health benefits, meaningful work, shorter hours or a more flexible schedule. If you are already retired, your Social Security may help you balance a decline in income. Instead of working full time, you may want to negotiate a part-time schedule, seasonal work, or project or contract arrangements. Another option is cycling between periods of leisure and work so that you can balance earning an income with extended trips and time spent with friends and family.
Everyone has dreams but not everyone realizes them. Envisioning your ideal retirement is a great first step but you also need to consider other action steps too, like how you will pay for your lifestyle, live your dreams and pass on what is important to you. “The New Retirement Mindscape,” a 2005 study by Ameriprise Financial, Age Wave and Harris Interactive on the emotional stages of retirement, found that retirement fulfillment involved many factors: early financial planning, having a clear vision of retirement goals, continued activity and engagement throughout retirement, financial preparedness and leveraging professional advice. Additionally, the study revealed that people who sought help from financial advisors were generally more positive in their outlook for retirement and better prepared financially than those without professional advice.
The ability to do “good work” in the second half of your life involves much more than acknowledging your passions and dreams — it takes planning and creativity to prepare emotionally and financially for a meaningful future. A financial advisor can help you envision your retirement lifestyle and create a financial plan to help you fund it. The sooner you begin defining and planning for your dreams, the greater your chances of realizing them.
This information is provided for informational purposes only. The information is intended to be generic in nature and should not be applied or relied upon in any particular situation without the advice of your tax, legal and/or your financial advisor.
“Working with a financial advisor does not ensure financial success” — this is required by the NASD, as a result of our recent filing of the national ad campaign.
info: 704-987-9794 . email: lynn.j.davidson@ampf.com
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