For many of today’s retirees, the secret to a successful retirement is an oxymoron. A successful retirement actually means working.
But this type of work may look different than the career you’ve had for 40 years. Instead, today’s retirees are pursuing many second careers.
“People today say, ‘I don’t want to sit on my porch when I retire,'” said Judi Lansky, president and founder of Lansky Career Counseling in Chicago, Illinois.
Many people choose to pursue a second or “re-career” career after retirement, not because of a lack of cash. They are looking for meaning. “They want to do something fun and challenging and get them out with other people,” she said.
Lansky suggested that while the lure of a new career may keep many Americans employed, retirees need to consider some important factors before starting a second career.
If you are one of the many Americans approaching retirement age and eager to start the next chapter of your life with a new career, here are some suggestions.
1. Know what you want from a second career
A successful second career can challenge your identity. In the best case scenario, you find a job that:
- Offer the hours (part-time or full-time) and flexibility you want, along with the salary and benefits you need
- Surround yourself with people you want to spend time with
- Involves tasks that make you happy
So, where do you start figuring out what you want to do with the rest of your life?
Many older adults say that thinking about working in retirement actually reminds them of being in high school or college trying to figure out who they were and what they wanted to be.
Second Career Resources
You may want to consider using some of these resources to determine what you want from a second career.
this Career Outlook Handbook is an excellent and comprehensive resource for learning about different careers. You can learn about the work environment, salaries, job prospects, educational requirements, and more.
There are also plenty of books to help you figure out how you want to spend the rest of your life. Options include:
2. Be honest about the time you invest in your second career
Starting a new second career requires a lot of time and energy, and it’s important to be honest about how much time you’re willing to devote to your new career endeavor.
“That’s the difference between a hobby and a career,” Lansky said.
“Some people may realize that they are actually looking for part-time work. Maybe they want to spend Tuesdays and Thursdays with their grandchildren. Working 40 to 50 hours a week may not be realistic.
Some of the time it takes to transition into a new career may be related to learning new skills, she said, noting that you may need to take classes or other types of training courses to start in your new field.
“Sometimes skills transfer to the next area, but it’s not always easy,” she said.
Taking any required training courses at your current place of employment can help make your transition to a new career easier and faster, she says.
3. Understand the ins and outs of your next career after retirement
Lansky advises that the grass is always greener on the other side and it’s important to do your homework before jumping into a new role.
Sometimes people entering a new field find that the role they wanted is not what they imagined.
“It can be a really good thing to talk to people in your newly chosen field or even shadow someone,” she says. “You want to understand it, but also see if you actually like it.”
For those who know this transition is best for them, start building connections in new areas now before taking on a new role.
“You need this network to make a career change,” she said, noting that a well-established professional network will also make the transition easier.
4. Embrace your inner youth and strive for success in your second career
Your new career may have you working with Millennials, so it’s important to show your new employer that you can work with them.
Older workers have the experience and depth to contribute to any organization, Lansky said, and keeping up with the latest trends and technology is an important way to ensure your strengths don’t go unnoticed.
5. Update or develop your retirement plan and consider working in retirement
Working in retirement affects many details of your overall retirement plan: your retirement income, health benefits, taxes, how you should invest, and more.
It is important for you to understand the impact of the overall program (mostly positive).
The best retirement calculator – e.g. NewRetirement Retirement Calculator — will let you enter information about your retirement efforts and show you how it affects your finances now and in the future.
Pursuing a second career can be extremely rewarding, but it is not without its challenges. Lansky says being prepared for a new role will make your later years more enjoyable.
