For many retirees today, the secret to a successful retirement is an oxymoron; Successful retirement means work.
But this type of job may look different than the job you’ve held for 40 years. Instead, there are a number of second careers that today’s retirees are pursuing.
“People today say, ‘I don’t want to sit on my porch when I retire,'” said Chicago, Ill.-based Judi Lansky, president and founder of Lansky Career Consultants.
Many people choose to pursue a second, or “payroll” job in retirement, not because they are strapped for cash. They want an explanation. He says: “They want to do something interesting, challenging, and get them out with other people.”
While the lure of a new job may keep many Americans working, there are important things to consider before starting a second career for retirees, Lansky advises.
If you’re one of the many Americans approaching retirement age — and eager to start the next chapter of life with a new career — here’s some advice.
1. Know what you want in a second job
A successful second career can be a challenge to your identity. At best, you get a job that:
- It offers the hours (part-time or full-time) and conditions you desire, as well as the salary and benefits you need
- It puts you close to the people you want to spend time with
- It involves activities 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 a career in retirement actually reminds them of being in high school or college and trying to decide who they are and what they want to be.
Second job resources
You may want to consider using some of these resources to help you decide what you want in a second job.
The Occupational Outlook Handbook is an excellent and comprehensive resource for learning about various occupations. You can learn about the workplace, salary, career outlook, education requirements, and much more.
There are also tons of books that can help you see where you might want to spend the rest of your life. Options include:
2. Be honest about your time commitment to your second job
Starting a new second career takes a lot of time and effort, and it’s important to be honest about how much time you’re willing to devote to a new professional career.
“That’s the difference between a hobby and a job,” Lansky said.
“Some people can see that they really want something temporary. Maybe they want to spend Tuesday and Thursday with the grandchildren. Working 40 to 50 hours a week may not be realistic.”
Some of the time it takes to transition to a new job can be combined with learning new skills, he says, noting that you may need to take classes or other types of training courses to get started in a new field.
“Sometimes skills are transferred to the next field, but it’s not always easy,” he said.
Taking any necessary training courses while you’re on the job can help make the transition to a new job easier and faster, he says.
3. Learn the ins and outs of your next job after retirement
The grass is always greener on the other side, and it’s important to do your homework before jumping into a new role, advises Lansky.
Sometimes, those entering a new field find the role they want is not what they imagined.
“Talking to people in your new chosen field, even shadowing someone, can be a great thing to do,” he says. “You want to learn about it, but also see if you really like it.”
For those who know that a change is right for them, start building a network in that new field now, before taking on a new role.
“You’re going to need that network to make a career change,” he said, noting that an established professional network will also make the transition easier.
4. Embrace your inner youth to succeed in your second career
Your new job may work with millennials, and it’s important to show a new employer that you can work with them.
Older workers have a lot of sophistication and knowledge to contribute to any organization, and keeping up with the latest trends and technology is an important way to ensure your strengths aren’t overlooked, Lansky said.
5. Review or create your retirement plan with retirement activities in mind
Working during retirement can affect many details of your overall retirement plan: your retirement income, health benefits, taxes, how you should be invested and much more.
It is important for you to understand the implications (mostly positive) of your entire plan.
The best retirement calculators – like the NewRetirement Retirement Calculator – will allow you to enter information about retirement activities and will show you how they affect your money now and in the future.
Pursuing a second career can be very rewarding, but it has its challenges. Being prepared for what a new role entails will make your later years more enjoyable, Lansky says.
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