Finding a Great Job in Retirement
Up to 80 percent of the baby boomers plan to work after leaving their career jobs, according to research from AARP. If you're among this group, there's good news: A growing shortage of younger workers may cause companies to actively court more experienced workers. Here's how to prepare yourself so that you are ready and able to make the transition to a fulfilling new stage of your working life.
What type of work do you want?
It's never too early to start preparing for a career change, so begin preparing now. The skills and knowledge needed for tomorrow's good jobs won't necessarily be the same as those in high demand today.
Assess your current skills and interests when considering what job you want to prepare for during retirement. What work have you most enjoyed during the past? What type of work setting do you prefer? If you are in a technical field, be sure your skills are up-to-date. Take advantage of any training opportunities or tuition reimbursement programs available from your current employer or begin to take courses on your own.
Research the job or field of work you're considering. Is this field growing or shrinking? What new skills will you need? What are future predictions for job availability? Do jobs in this field exist where you live? There's a world of information available on the Internet, or ask about job outlook resources at your local library.
Network and get support. Become active in trade and professional associations. Let friends and family know about your interest in working in retirement. Research a specific company or organization and contact it for information on its needs.
Scan for potential employers. Job ads that mention maturity, good judgment and work experience indicate a company that is actively seeking older workers. If you find companies that seem like a good fit, learn as much about them as possible so you can make a good case for being hired when the time is right.
Sign up for a job bank. A few employers have begun job banks to use on-call employees rather than temporary agencies when a need arises. Retirees can use their knowledge and skills on a part-time basis without jeopardizing their pensions.
Volunteer. Taking on an unpaid position while you are still working can give you valuable experience that you can take to a new career. You'll also be likely to meet other people who might be able to provide you with tips and leads to job opportunities you might otherwise miss.
What about self-employment?
Many who want to begin a new career consider self-employment. According to AARP, over 16 percent of age 50+ workers are self-employed, and about a third of them became self-employed after age 50.
Consider whether you are suited for self-employment and thoroughly educate yourself before you make the leap. Do you have an in-demand skill, hobby or avocation that will fill a need in the marketplace? Are you self-motivated? Do you enjoy working alone?
Other important considerations are whether you plan to work part-time to supplement a pension or Social Security or whether you need full-time, dependable income. How much do you need to invest to start your own business? This is not the time to risk your future financial security, so you may not want to invest hard-earned savings in a new business venture.
Take the next step...
Enjoy guaranteed retirement income! Find out if an income annuity or a deferred annuity is right for you.
