Seniors and Retirement

The word retirement has undergone tremendous change over the past five or so years.  At one time, many retirees had visions of purchasing a second home and enjoying their winters basking in the sun.  Not much worry was spent on compromised pensions or Social Security delays.  Retirement was good.    

Well, the economic air is noticeably cooler.  External factors have negatively impacted the present market resulting in a momentous decline in economic strength.  What goes down typically comes back up (at least at some point), but not everyone will fare well with the timing.  

So what are seniors doing about the shifting climate?  Many are revisiting their options.  A good question to ask yourself if you are facing retirement is, “If I leave my position under the current conditions, will I be able to afford the lifestyle I had planned?"  If the answer is "no," there are creative ways to make sure you do not outlive your savings.  Let’s explore a few:

Hold off on retiring.  A number of people truly enjoy their jobs and “retire” only because they have reached a certain age.  If you are reasonably healthy, still maintain the desire to go to work, do not have anything more interesting lined up, and could use the money, then why leave?  Some individuals link their identity to their employment.  If retirement comes before the person is ready, negative consequences beyond monetary may occur (e.g., loss of self esteem, depression, boredom).  Staying in a well-liked position affords the senior a steady income and continued sense of well-being.

Become a consultant.  Certain people arrive at retirement age and are ready to move on.  Still, “moving on” does not necessarily mean moving out of the workforce.  Seniors possess invaluable skills in fields such as finance, business, sales, customer service and other areas. Nearly all companies seek this sort of expertise.  Working as a consultant allows individuals to optimize their talents, set their own schedules, and supplement their income all at the same time!.  

Enter a training program.  Various colleges, particularly state schools, offer low cost coursework to people 60 and over.  Some seniors have always thought about embarking on a new career in computers, education, technology, or hospital administration.  A training program could help make that prospect a reality.

Work part-time.  Many seniors no longer wish to work a 40-hour week and only require a little extra cash to enrich their retirement experience.  Part-time work affords these people a level of flexibility and allows them to pursue personally-rewarding positions like assisting underprivileged children, servicing the public, helping out a nonprofit, organizing a food pantry, or teaching adults to read. 

There are multiple reasons as to why seniors continue to work in retirement.  The choice might be necessity-driven, or personal preference may be the impetus.  Whatever the motivation, different options are available to these talented individuals.  For additional information about this topic, the Web sites www.seniors4hire.org, www.retiredbrains.com, www.retireandconsult.com  and www.seniorjobbank.org are informed places to visit.                        

Ross Capobianco is president of Home Instead Senior Care — a provider of home care services to seniors living north of Boston. He can be reached at 781-662-2273 or bostonnorth@homeinstead.com.