The New Retirement: Going Back to Work

"Mandatory
retirement is quickly becoming as archaic as the dinosaur. With many
people now retiring at 55 or 60 -- they can have 20 to 30 years of life
left. Working will be a necessity once they do hit their 60s, since
their potential Social Security income might not be enough, even with
retirement savings, to get by for the long lifespan people are living,"
noted the author of 'Personal Finance: Tools for Decision Making,'
Diane McDonald.

"A big mistake many make in their financial
planning is thinking their cost of living will decrease dramatically.
Retirement is never as cheap as people expected. The real reality is
that most people need to make 80 percent of their working salary to
afford their retired lifestyle," McDonald noted, "but medical expenses
(insurance premiums, non-covered medical care, prescription drug costs)
often eat away at savings."

A recent survey conducted by the
Employee Benefit Research Institute of employees nearing retirement age
stated more than two-thirds of workers intended to work for pay after
they retire.

A BusinessWeek survey of people hitting retirement
age revealed that 67 percent of those polled said they wanted to work
but sought positions with:

Lower stress

Flexible hours

Enjoyment derived from performing the work

The feeling of making a difference

Try a New Career
"Retirement's
not all it's cracked up to be," said former school secretary Jo
Madison. "You get bored and need something to look forward to. Mindless
days and going to bingo isn't my idea of living at 55. I want to do
things that matter." A recent Worth magazine survey revealed that 41
percent of new retirees found retirement very difficult.

Paul, a
high-powered senior executive said this about his retirement from a
Fortune 500 company, "I wanted a job that was flexible, so I could
travel, and yet still be challenging. So I do part time consulting --
keeps my mind sharp and allowing me to have my cake and eat it too."

"Golf
was all I ever dreamed about," said 50-year-old Mike. "I knew all I'd
do was golf once I quit the rat race. So when the pressure cooker got
so overwhelming at my store manager job, I took the early retirement
plan. And I golfed and golfed, but eventually needed more. So now I'm a
high school baseball coach getting paid peanuts; just loving every
single second of it."

A growing trend among seniors reveals that
many may leave their old company or career behind, then begin a new
career and remain a vital part of the workforce. It's a time to indulge
a passionate interest, or hobby. Part time work seems particularly
appealing for many retirees.

Retirees need a sense of purpose to have meaning in their lives.
Now,
there's a whole new group of seniors finding happiness through work.
"I've practiced law for 60 years," says 82-year-old Nick Midey, head of
a prestigious legal firm. "My doctor tells me if an active guy like me
stops working, they often die within six months, so I never plan to
retire. I love my work. I enjoy meeting and helping people -- I never
want to give this up."

Many folks over 50 seek a job that makes
them feel as if they are making a significant difference. They want to
add value to society and help others. It's been proven that work
activity often keeps a person more youthful, and more vital. Knowing
that they have important work to do can be an inspiring motivator for
older workers to get well more quickly if illness does strike. Many
seniors cite work as their reason to go on living when faced with life
tragedies such as the death of a spouse or a child.

Many
individuals who continue to remain in the workforce may choose to slow
down their schedules or lower stress levels in order to incorporate
other pleasures into their lifestyle.

The truth is, many of us
will not just want to stay home. You might choose to leave the whole
career and profession behind, looking for something to do just for fun.
A hobby you turn into a business. An interest in painting or music
might find you employed in a museum or becoming the church choir
director. The new career might come with a salary, or it may not.

So what about age discrimination?
I
distinctly remember a client who had four job offers all at once. Her
white hair and 67 years weren't obstacles at all when she wanted a new
post-retirement fundraising job, because her enthusiasm and innovative
ideas made everyone want to hire her. Make your golden years truly
golden by working at something you love and enjoy. Enthusiastic,
productive workers are wanted by employers no matter what their age. In
fact, experience is often an asset you can sell, for example "I've had
a great deal of experience handling and solving these kinds of
problems." Nonprofits, governmental agencies, colleges all seem to see
the value in older workers. Do look for companies that embrace mature,
dependable workers.

Make yourself appealing to an employer. Get
a modern hairstyle, contemporary professional clothes that fit nicely
and remember to smile.

Employers look to workers for the results
they'll obtain. Give good examples of your past experience -- examples
that show how you have been, and will be, productive. People who act
like assets -- not tired, burned out, dead-weight job seekers just
needing cash -- will be most likely to land interesting jobs, no matter
how old they are.