One career down, one to go
Retiring to a life of leisure is becoming a thing of the past. Today's retirees not only want to keep working, but they often look at retirement as an opportunity to launch a new career. More than half of those planning to work during retirement plan to do so in a different field, according to a 2005 Merrill Lynch survey.
What's the attraction of more work?
A new challenge. Working can keep you active both mentally and physically. Some 76 percent of boomers intend to keep working and earning in retirement. A typical worker expects to retire from his or her current job at around age 64 and then start a new job, according to Merrill Lynch. The majority say continued mental stimulation and challenge are what will motivate them to stay in the game.
Paul LeMaire, 57, retired from the marketing department of Delta Airlines four years ago, but after two months off, he needed something to keep himself busy. He learned a new job through on-the-job training at Home Depot in Atlanta and now works 24 hours a week as a millwork specialist, mostly assisting customers with their window and door purchases. He often tells his Delta friends, "It's the best type of job to have. There's no stress. When I left Delta, my blood pressure was up, but now it's nice and calm." Marlon Sullivan, senior director of staffing at the Home Depot, says some older workers even turn hobbies like gardening into a second career.
Financial benefits. Quite simply, working brings in income. This can be used to finish paying off a mortgage, pay down credit card debt, or help your kids with their college loans. "Recently there have been cutbacks in pensions, and people are worried about outliving their savings," says Steven Allen, a professor at North Carolina State University's College of Management. "They feel like they need to retain some income because who knows what's going to happen down the road."
Health coverage. With healthcare costs rising every year, it's essential to maintain adequate health coverage. The share of businesses offering health insurance to their employees has declined steadily over the past five years, according to a 2005 survey by the Kaiser Family Foundation and the Health Research and Educational Trust. Many retirees in their 50s and early 60s work solely to get healthcare benefits. Workers over age 65 often want to supplement their Medicare coverage.
Flexibility. Taking a new job gives you the opportunity to try out something unfamiliar. Retirees often have the freedom to pick jobs with shorter and more-flexible hours, reduced stress, and less responsibility. A second career isn't drudgery that enables you to pay the bills but something that gets you out of the house, talking to people, and doing something useful.
Sometimes a new career in retirement complements your old one but allows you to explore a new direction. Sue Cowan, a 60-year-old retired schoolteacher, now works at Borders in Tigard, Ore., four days a week, but not on evenings or weekends. Her retirement last July was "was pretty bittersweet. I really wasn't ready to leave the classroom, but I was looking forward to not grading papers every weekend," Cowan says. Yet she didn't want to just sit at home. She likes spending her days around books, music, and films and having conversations with customers about them. The opportunity to get health insurance when her school district stops covering her at age 62 isn't a bad perk either. She also enjoys the company of two other retirees who are coworkers.
Borders public relations director Anne Roman says that many retirees are drawn to Borders for similar reasons. "We do often attract former teachers and other professionals who spend their lives around books and education," says Roman. "There is something very familiar to these employees about being surrounded by books, and their great life experiences often come into play when serving customers."
A search of AARP's website may help you find a second career or a job that fits with your idea of retirement. The site lists featured employers that actively recruit workers ages 50 and older. Many companies listed offer flexible part-time schedules, part-time health benefits, and employee discounts.
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