Are you considering working after retirement? Perhaps you’re searching for stimulating new work, or maybe you’re interested in a low-stress job. Alternatively, you may be hesitating to leave work, because you don’t know what you’ll do next.
I currently work in retirement and it’s been challenging at times along the way. That’s why I want to share some lessons I’ve learned, as well as insights from others who have also embarked on their working after retirement journey.
Keep in mind that after you narrow down your preferred option, it’s always beneficial to consult with a financial advisor about how working in retirement might affect your pension or your eligibility for social security.
Listed below are six questions that can help you identify which working after retirement options may be a best fit for you.
Do You Need Time to Adjust Before Leaving Your Career?
I work with many women who are struggling with moving on from their careers. It’s a fact that women who prioritize their careers find it more challenging to adjust to retirement, compared to women who work primarily for income. That’s because our work has been foundational to our identity.
The reality is that for career and professional women, retirement typically involves a mix of loss with liberation. It’s a significant transition and it takes time to navigate and settle into what’s next.
Phased retirement may be an ideal option for you if you would benefit from a gradual transition into retirement. Instead of abruptly ending your career, phased retirement enables you to gradually step back from full-time work with your current employer, easing into post-career life.
Phased retirement can take various forms, such as:
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- part-time work
- job sharing
- contract work
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It’s also worth mentioning that phased retirement, which refers to working while scaling back, typically enables you to continue to receive workplace benefits until you fully retire. This is a perk worth checking out.
Dealing with Employers
While some employers already offer phased retirement, many employers are simply unaware. However, due to the pandemic and workforce demographics, there are now growing labour shortages. Today, phased retirement is gaining attention as one solution to retain experienced workers longer than ever before. So, if you’re contemplating phased retirement, you may be surprised to find that your employer is more interested in discussing this with you than you might expect.
Job Crafting: the Essential Phased Retirement Strategy
Before reaching out to your employer to make your request, be sure to learn all you can about phased retirement. One of the lesser known tools that you should explore is job crafting. It’s a proactive strategy for employees to shape and tailor their work to optimize their performance, increase job satisfaction and promote well-being.
It’s a valuable tool for maintaining your professional identity during phased retirement. It enables you to maintain key aspects of your work that contribute to your sense of purpose and fulfillment, as you transition into retirement.
At the bottom of this blog, you can access your Free Guide on how to design your phased retirement.
Self-Employed Professionals
If you’re a self-employed professional, phased retirement presents a unique scenario. Unlike employees, you have the freedom to shape the evolution of your work without the need to negotiate with an employer. However, it’s crucial to consider how your phased withdrawal from work may impact demand for your services. This consideration is not only a smart move, but also fundamental to keeping your business viable.
Changes in your availability and working conditions may impact the perceptions and expectations of those you serve. So, be sure to devise a pro-active strategy to maintain your working relationships during your phased withdrawal from work.
Would You Like a New Opportunity to Use Your Expertise?
If you’re seeking a change of scenery while continuing to use your skills, bridge employment might be what you’re after. Think of it as the middle ground between full-time work and retirement, offering more flexibility than phased retirement. That’s because the settings and situations for you to work in are wide-open, compared to sticking with your current employer during your transitional phase. This can include:
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- part-time work
- freelancing
- contract work
- consulting
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Here’s an example from one of my clients to illustrate a successful bridge employment experience.
Connie, a professional in a senior-level leadership career, wanted to continue using her expertise without the burden of administrative responsibilities after she retired from her career. Through a colleague in her network, she connected with someone in a related industry who was seeking help on a specialized project. Connie accepted a three-day-a-week position. After her first year, Connie requested a change in her work arrangement to better suit her evolving lifestyle. Her request was granted, leading to a consulting contract with reduced hours.
Connie’s story demonstrates that bridge employment can be leveraged as a tool to negotiate your working conditions. As mentioned, given labor shortages, employers are increasingly seeking short-term experienced workers to fill workplace gaps. This situation can be beneficial to both parties and emphasizes the importance of finding employers open to flexible arrangements that accommodate your circumstances and needs.
Lessons Learned for Bridge Employment
Use your network to help you find employment at every stage of working, including retirement. And be sure to advocate for the conditions of work that you desire.
Have You Considered a Meaningful New Career?
Have you heard of an encore career? This is a notable trend being chosen by some baby boomers who are transitioning from corporate careers to more purpose-driven work within their communities.
Fields like education, conservation, non-profits, and public service, collectively known as the third sector, are where you’ll find most encore opportunities.
Your existing skills and abilities may be a useful segway when moving into an encore career. However, be prepared for the possibility of needing to retrain. Training and resources for encore careers is really percolating these days.
An encore career can be an exciting opportunity for growth. However, as someone who has worked in the non-profit world, I’ve seen well-intentioned folks become frustrated as third sector workplaces have their own unique cultures and bottom lines. You’ll need to enter these settings with an open mind and a willingness to adapt.
Nonetheless, an encore career isn’t just about what you bring to the table. It’s also about finding an organization that values your contribution. Before committing, explore the terrain through informational interviews and shadowing employees in the field. This process is similar to trying on a new pair of shoes before committing to the whole journey.
Lessons Learned For an Encore Career
Volunteering can be a great way to explore an encore career. You’ll get a taste of the work environment with less pressure, which will enable you to make a more informed decision about whether this could be a good fit for you.
Would You Prefer a Low Stress Job?
If striving for peak performance is no longer appealing, you may want to consider a low-stress, part-time job. The best jobs that fall into this category are those that typically require routine skills.
Don’t let worries about loss of prestige hold you back from exploring these opportunities. Remember, you’ve worked hard to enjoy this freedom and now’s the time to live life on your own terms.
To illustrate this option, consider the story of a retired radio personality who opted for a part-time job at a health food store. His duties include customer service and stocking shelves. His new job not only provides him with a sense of accomplishment and has expanded his social circle, but it has also freed up more time and energy for his other pursuits. You can read his story here to learn how a low-stress job can contribute to a satisfying and balanced lifestyle after you leave your career.
Do You Want to Take a Break and Then Unretire?
People who have retired are increasingly expressing interest in returning to work. Unretirement is a major trend that’s being driven by financial concerns, the desire to escape boredom or to pursue newfound interests.
Unretirement is not a one-size-fits-all approach. It encompasses a wide range of options, from resuming a previous career to embarking on an entirely new path. It depends on whether you’re most likely to find satisfaction in familiar roles; or prefer to be challenged by working in new, professional territory.
Futurists predict that with people soon expected to live hundred-year lives, we’ll be coming to the end of the traditional education, work, and retirement three-stages of life. Expect a new emphasis on stage not age becoming the new standard, where we’ll cycle multiple times between work, rest and re-creation. This will become necessary to keep up with training required for evolving job demands. It will also provide us with periodic breaks to rest and recharge. This is anticipated to enable people to extend their years in the workforce – which is becoming a necessity to sustain ourselves financially, given longer lives.
Despite the potential of unretirement, the reality is that the workplace isn’t yet future-proofed and ageism is still a reality. That’s why it’s common for people over 55 to find it challenging to secure a new job, even when they haven’t retired. But there’s a pro-active strategy you can start on right now.
Multi-Generational Workplaces
Multiple generations working together in the same workplace is already causing a shift in workplace dynamics. Organizations are experiencing pressure to develop effective strategies to manage three and even four generations in the workplace. While I can’t guarantee you an easy re-entry into working if you want to unretire, I do encourage you to increase your knowledge on how to lead, as well as survive and thrive in multi-generational workplaces.
Lessons Learned When You Want to Unretire
A few years back, I missed out on a great opportunity when I was looking to unretire. I was well qualified for this position. But I failed to recognize the trend to embracing multi-generational workplaces was the key to unlocking the door.
In my third and culminating interview with the recruitment panel, I was asked about my comfort working with younger colleagues. Regrettably, I wasn’t prepared. I lacked a compelling response, causing them to pass me over for the position. Don’t miss out like I did. Be prepared.
Do You Want to Start a Business?
Are you considering the path of entrepreneurship in post-retirement? It’s a trend among older adults, particularly the rise of solopreneurs. Perhaps you’re wondering how entrepreneurship is different from being otherwise self-employed. Entrepreneurs are in the business of bringing something new to market. And this takes time, energy and a whole lot more.
Looking back on my own journey, I now have a business that offers coaching and courses for women who want to design a modern retirement and thrive. It all began when someone asked me if I was retired. I wasn’t yet sure where I was headed. However, I was absolutely certain I wanted a fulfilling next chapter and to live my best life.
So, I combined my professional and personal background and created a program that was relevant to my generation, at this stage of life. Then, over time I transitioned from teaching at my local university to developing my own business and I became a solopreneur. I registered my business, created a website, and evolved my services.
Yet, it’s not been an easy ride. When I began, I didn’t appreciate that I would need to not only work in my business but also on my business. Lack of experience in marketing and technology added complexity. All of this has taken time and I’m still learning as I go.
Questions to Ask Yourself If You Want to Start a Business:
1. Do you have the skills and abilities to launch your business, or are you willing to learning them?
2. Do you have the risk tolerance to navigate uncertainty?
3. Do you have the financial resources to invest and sustain your business while you’re starting up?
4. Do you have a support system in place?
5. Are you committed to the time required for success?
6. Does entrepreneurship align with your work-life balance priorities?
Wrapping Up
Now you have 6 fundamental questions to uncover various options for working in retirement that could be a good fit for you.
While you may be keen to explore fulfilling work opportunities, be sure to open the door to a range of lifestyle options that can take you on the path to a next chapter where you’ll thrive.
