Are You Ready For Retirement?
Everyone is going to retire eventually, either voluntarily or have it forced upon us by events we really cannot control. The recent economic meltdown is a good example of an event we did not have control over.
For many of us, the transition between working and retiring will happen sometime between our 50’s and 70’s, and most of will not be prepared for it. Retirement initially can be a time of confusion and frustration for many workers, especially for those whose identity is tied to their jobs and their lives are defined by work. But, on the plus side, it can be a time of learning, growth and redirection. Retirees are the largest growing segment of our population and advertisers and businesses are beginning to recognize that.
Many people will not have the option of retiring because of financial necessity. Many of our peers are stuck in low-paying jobs or have or no retirement plans either through poor or no planning or may have other financial hardships. Many folks will reach retirement age, but will need a job just to survive. U.S. News recently reported that only half the workforce has an employer pension plan and many people with one do not contribute enough to ensure a successful retirement. This fact only increases the stress, uncertainty and fear of retirement.
Planning For Retirement
Getting good information about retirement is not difficult, but many potential retirees fail to get enough information or do not know what information is needed. Unfortunately, most information is geared toward those people who have been able to save enough money to retire. And there are many of us who have not saved enough or have had events that caused our retirement income to be less than enough. For a lot of people facing retirement, the question becomes, how do I continue to earn money while being a retired person? There are answers, but there are no easy answers.
There are many government websites and organizations that offer reliable information. AARP, one of the leading organizations dedicated to people who are 50 or older, publishes a list of positions that is considered to be suitable for mature workers (read that as “older”). AARP also publishes an annual list of the best employers for older workers. Visit the AARP website. Sometimes you have to search for the information you want, but the trip may be worth the effort.
Planning is very important to avoid the shock that comes from not going to work. Older workers facing retirement should consider the possibility of finding a new job (either part time or temporary) or going into career direction. One of the keys of continuing to work in retirement is finding an employer that respects older workers and offers flexibility in work schedules. There are a lot of companies that have a growing reputation for hiring and valuing older workers. These include such giants as Wal-Mart, CVS, Radio Shack and John Deere. Other avenues might inclued the healthcare industry, security and temporary agencies. Many times, it may be possible to work out an arrangement with the current employer to work as a part time or contract employee.
If you want to work after you retire, consider taking the time to do a self-assessment and find out what you would like to do. If you are not sure about what to do, examine your likes and dislikes, strengths and weaknesses, and maybe even consider talking with a career counselor. Your self assessment should include a list of everything you know something about. Hobbies and special interests can sometimes lead to rewarding after retirement careers.
Work After Retiring
While it is always easier to work for someone, another option for a retiree is to start and run a business. It is riskier to start a new business later in life but many have been successful and enjoy a greater sense of freedom than they will get from being an employee. The Small Business Administration offers a lot of free information in a Small Business Startup Guide available from their website. Another valuable resource that I have used many times is Entrepreneur Magazine’s website for business ideas and low cost franchise opportunities.
If you don’t need the additional income but still want to stay busy and involved, being a volunteer is a wonderful option. Volunteering allows you stay active while also making a significant contribution to your community and meet new people. There are volunteer opportunities in every community. Salvation Army, every hospital, Habitat for Humanity and veterans organizations never seem to have enough volunteers. For more information on volunteering, check with your local chamber of commerce, yellow pages or do an online search.
But, why bother? Why in the world should you work or volunteer if you don’t have to? The answer is easy if you consider that most of us baby-boomers have always worked and we do not know how to turn off the desire to work. I’ve talked to many people who were facing retirement and many were actually looking forward to the day when they did not have to go to work. However, I have found that most of them say they’re interested in “not working”, they really just want to change what they are doing now. This is especially true for people in the construction industry, where work is often hard, with long hours and extended periods of time away from family.
Many experts (and I’m not one of those) have suggested that working helps older folks stay active in mind and body and is an avenue for social interaction and relationships. I do agree with that and hey, we have to fight the stereotype that only young people are good workers.
It is a fact that many boomers will keep working past traditional retirement age. No one knows how many, but estimates range from anywhere from half our population to a vast majority. Many boomers, myself included, say they plan to work as long as they feel good because that’s what they want to do.
Consider this, the over 50 segment of our population is the fastest growing group and when these boomers retire, there will be a talent vacuum in most industries that cannot recruit and train young workers quickly enough. The public sector and private industry will see a mass exodus of experienced workers by the end of this decade. Keep the faith, there will always be a demand for older workers who are willing to pass along their knowledge and experience.
Jobs For Retirees
It is not all roses, though. Older workers without specialized skills will find it difficult to find high paying jobs, but while there should be plenty of work because many employers say they prefer seniors to teens because older workers are more experienced, more reliable, have more motivation, and are most flexibility in work schedules. And many times, we are not afraid to start over in a new job.
Starting retirement is like finding a new job or launching a new career. It is full of potholes, can cause a lot of stress, anxiety and self-doubt. If you are struggling with with retirement, find a job or career, you might even consider joining or starting a job club with other people who are retired. Building or expand your network of business or personal contacts, conduct some informational interviews with temporary service organizations, or invest in some specialized career counseling.
Some final thoughts on retirement.
When your parents retired, that signaled the end of their productive working life, but as advances in medicine and our life span and quality of life has improved, retirement is seen as a time to begin a new phase of your life. We no longer expect to sit on a porch and wait to die. For those approaching retirement, it is now a time to plan for it. Develop a strategy to work fewer hours, try a new career or start business. You can still learn new skills, improve yourself and and enjoy life.
It’s your retirement, make the most of it.