Tips on Working into “Retirement”
Once upon a time, “retirement” meant quitting work forever at age 65.
Today, that description no longer applies to many of the millions of
Americans who are at or near traditional retirement age. By 2016, workers
age 65 and over are expected to account for 6.1% of the total labor force,
up sharply from 3.6% in 2006, according to the U.S. Bureau of Labor
Statistics. Some of these workers are people who don’t want to be idle and
are interested in beginning a second career, while others continue to work
into the traditional retirement years because of economic necessity. No
matter what the reasons may be, the Iowa Society of Certified Public
Accountants offers these suggestions for any of the millions of people who
are changing the definition of retirement.
Keep a Positive Attitude
Layoffs, declining real estate values, investment losses to retirement
savings accounts, and dwindling pensions have forced many people to put off
retirement much longer than they might have expected. That’s usually a
disappointment, but it’s possible to enjoy this situation more if you look
at the bright side. Despite a troubled economy, there should be many
opportunities to work, since the generation that is now retiring is much
larger than the one replacing them. In addition, many people relish the
chance to remain active, learn additional skills, and chalk up new
experiences. If you focus on the upside during your job search and when
launching a new career, you’ll have more fun with it and probably come off
as a more appealing candidate in job interviews.
Be Aware of Your Advantages
After decades in the workforce, you have a lot to offer an employer. First,
older workers are by definition more mature than those starting on their
first jobs, so they are likely to be more dependable and have more
experience in a professional setting. Second, while young workers might job
hop in order to add more experience to their resume, older employees
generally are more likely to stay in place. Both of those attributes are
very attractive to employers, so be sure to emphasize your maturity, life
and professional experience, and reliability in any job interview.
Do Some Research
If you are looking for a second career or simply a job to boost your income
because of shrinking retirement savings, try to focus on the industries with
the best outlooks and opportunities. The Bureau of Labor Statistics’ Career
Guide to Industries, for example, discusses training needed for specific
jobs, the earnings and working conditions you can expect, and what your job
prospects might be. You can find the guide and other employment information
at the Bureau’s site at www.bls.gov. After
you have determined where the opportunities exist, then consider what kind
of training you’ll need, how much it will cost and how long it will take.
This should give you a good sense of the most appealing and realistic
prospects.
Stick with Your Current Job
If you believe that you will need more money than expected in retirement,
it’s a good idea to stay in the position you have now rather than retiring
and finding a new one. Those who work longer typically qualify for higher
Social Security benefits, as well as have the chance to sock away more
retirement savings. A few years longer on the job could increase your
retirement income significantly.
Turn to Your CPA
Your local CPA has the expertise to answer your questions on preparing for
retirement and managing your money at any stage of life. Contact him or her
for advice on any pressing financial issues. If you are looking for a CPA, go to
www.findanIowaCPA.com.
