![]() ![]() Instead, they are embarking on second careers that are not only about making a living but doing good for others as well. Financially and emotionally you could live a more secure and enjoyable retirement by working longer in a job you find meaningful.Reaching retirement age has a whole new meaning for today’s growing number of baby boomers, who are no longer giving up long workdays in exchange for afternoons on the golf course or weekends at a beach house. When planning for retirement, consider the benefits of an encore career or phased retirement. As Social Security is the primary income source for the majority of American retirees, making smart claiming decisions is crucial to a financially secure retirement. That can be a much-needed retirement income boost. ![]() If you defer Social Security for a year after your full retirement age, your benefit payments will increase by 8 percent for life. Working a little bit longer can also help you defer Social Security for another year. By working longer, you reduce down the number of years you are not receiving a paycheck, shorten your retirement period, reduce the impact of inflation on your retirement savings and avoid having to spend your investments sooner. In fact, perhaps the single best strategy to improve retirement security is to work longer. In addition to the emotional and social benefits of continued work, there are huge financial benefits. Still for others it could mean telecommuting or taking on a role with reduced responsibilities at the same company. For others, it could be a completely new encore job. For some, phasing into retirement might mean just cutting back hours. Instead of leaving the workforce all at once to enter retirement, individuals can benefit from phasing into retirement. All of a sudden you go from working five days a week, generating a paycheck, and interacting with your co-workers to having a cleared schedule, less of a built-in social setting and the need to generate your own income source from savings. Retirees who leave the workforce “cold-turkey” all at once can struggle to find the right lifestyle balance in retirement. Goal-setting and exploring the process that you will take can help you achieve better results. Also, look at they why it’s your dream job and see if there is another job that could also provide those same benefits. If you don’t see a clear path ask others for help. ![]() Then write down how you could get yourself into that job. Write down your dream encore job and, more importantly, why it is your dream job. One place to start is by setting a goal for yourself. While running a business isn’t for everyone, it can be exhilarating for many.įinding an encore career can feel daunting. By working for yourself and picking your clients, you also gain flexibility and freedom to do what you want. These roles can allow you to leverage your skill set to help others. If you’re okay with the financial aspect of the job taking a back seat to workplace meaning, non-profit work could provide a great way to stay engaged.Ĭoaching and consulting opportunities can also serve as great encore careers. Non-profit organizations can also be great destinations for encore careers as these organizations often pay less but provide meaningful work opportunities. ![]()
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