Now that people are living longer, many are also working longer. Just imagine, if you start working regularly at age 20 and don’t retire until age 80, that’s a 60-year career. While it’s not as common today, traditionally, many workers would spend their entire career working for the same employer
Take, for example, 86-year-old Detroit native Angelo Fracassa. He retired this year after working for the IRS for 60 years. He has an accounting degree, an MBA and was responsible for bringing new computer technology on board about the time most of his peers were retiring.1
Today, however, more workers are reinventing themselves and purposely pursuing different types of careers all in one lifetime. Retiree Bob White is one of them. He went from a stint in the Air Force to meteorologist to ordained minister to self-published novelist.2
After spending decades at an office job, some people enjoy the transition to a freelance career. There are plenty of options that allow you to put your skills to use, plus you can work from home with low overhead and lots of flexibility. One of the biggest challenges to starting out may be marketing yourself to find clients. For example, it can take a year or more to get a freelance writing business going.3
Fortunately, opportunities in the job market have grown for baby boomers who want to keep working toward a 60-year career.4 Whatever your career ambitions, it’s a good idea to evaluate your finances before making a career change. Sometimes it can be a challenge to bridge your income between the end of one regular paycheck and the beginning of another.5
As a financial professional, I can take a look at your individual situation and make recommendations on ways to generate income during this phase of your life through the use of insurance products.
A recent survey found that some of the wealthiest pre-retirees are more willing to work longer — not necessarily for the money, but for the intellectual challenge and a chance to stay physically and socially active. However, most want to change the way they work: About a third said they would prefer to work just part-time, while another third said they would like to transition in and out of the workforce, taking vacations or simply spending extended leisure time at home before heading back for another stint in the office.6
Content prepared by Kara Stefan Communications.
1 Jim Schaefer. Detroit Free Press. Feb. 23, 2016. “A few minutes with … a man who worked for 60 years.” http://www.freep.com/story/news/columnists/jim-schaefer/2016/02/20/few-minutes-man-who-worked-60-years/80659270/. Accessed Nov. 7, 2016.
2 Nadine Cheung. The Huffington Post. Sept. 23, 2015. “Retired Senior Finds New Career As A Novelist.” http://www.huffingtonpost.com/2015/09/23/bob-white-retired-novelist_n_8185188.html. Accessed Nov. 7, 2016.
3 Jeb Harrison. The Huffington Post. May 18, 2016. “Freelancing Through Our Golden Years.” http://www.huffingtonpost.com/jeb-harrison/freelancing-through-our-g_b_10026190.html. Accessed Nov. 7, 2016.
4 New Retirement. June 14, 2016. “Jobs for Seniors: What Are the Best Jobs After Retirement?” https://www.newretirement.com/retirement/jobs-for-seniors-best-jobs-after-retirement/. Accessed Nov. 7, 2016.
5 Nanci Hellmich. USA Today. March 19, 2014. “Building a successful 2nd career near retirement.” http://www.usatoday.com/story/money/personalfinance/2014/03/19/successful-second-act/6022803/. Accessed Nov. 7, 2016.
6 Dorie Clark. Harvard Business Review. April 28, 2016. “Planning Your Post-Retirement Career.” https://hbr.org/2016/04/planning-your-post-retirement-career. Accessed Nov. 7, 2016.
This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.
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