Are you ready for retirement?
As we are living longer and healthier lives, retirement may not be on your mind when you enter into your 60’s. Have you ever thought about pursuing a passion that you long ago put on the back burner? Maybe the career you wanted to pursue didn’t make enough money for you and/or your family. Maybe you were scared to leave your job that you have the education and/or training for. If this sounds familiar an encore career may be something to consider.
With such a new concept in our society, let’s take a look at some basic definitions for a better understanding.
What is an encore career?
1.) A new type of job that someone starts doing after already working for many years, especially when they have achieved success or made money and want to do something good for society (Cambridge Dictionary)
2.) A second career that someone has after retiring from the first (Macmillan English Dictionary)
Encore career is currently a trending topic. I think about the movie, The Intern, where a 70-year-old widower becomes a senior intern at an online fashion website. I recently came across the topic of encore careers in a book I’m reading, Designing Your Life: How to Build a Well-Lived, Joyful Life by Bill Burnett and Dave Evans. Burnett and Evans stated that in the United States alone there are more than 31 million people between the ages of 44 and 70 who want an encore career. It is never too late to change careers to have more quality of life as we age. But where does one even begin when making a huge decision to change their career later in life?
Firstly, don’t just quit your job right away. Do some researching and exploring into what career path you are thinking of taking. You could volunteer or do an internship at a work place of interest. You could enroll in a local education or training courses. If you are 50 years or older you can take classes at the University of Denver by becoming a member of their Osher Lifelong Learning Institute at the University of Denver. If you are interested in academic tutoring and mentoring, elderly care, and disaster relief support getting involved with Senior Corps may be a good place to start exploring these new careers. If you are really unsure about what career may be the right next step for you and you are over 50 years old, Boomers Leading Change will help you find a good fit with your life experiences.
Some view encore career as a substitute for retirement. The thought of retirement may bring up fears of boredom. Working can mean constantly learning new things and interacting with people on an intellectual level. Your career may give your life meaning and purpose. Without a structured, meaning filled day people in retirement may get sad more often. Some people may not have enough money saved for retirement and need the supplemental income.
No matter if you plan to retire, continue working at your current job, or pursue an encore career it is never too early to start financially planning for retirement. There are life events that are out of our control that cost a lot of money, like having to care for a ill family member, having health issues of your own, or a recession. It’s a good idea to start discussing what retirement means and looks like to you with your loved ones and your financial planner. Reach out to Denver Senior Care consultants today if you would like more information.