When you think about retirement, do you imagine yourself on the golf course? Taking long naps in the hammock? Or possibly re-entering the workforce? People are living longer, healthier lives than ever before, resulting in extended retirement years. A 30-year horizon can feel daunting for many of us. We worry if we’ve saved enough money to get us through, and we wonder how we’ll occupy all that time. In truth, most retirees don’t relish the idea of 30 years of leisure. That’s probably why nine million Americans over the age of 50 have opted to go back to work after retiring, and nearly half of today’s workers say they plan to join them.
Enrich your life. And your wallet.
“Encore” or “second-act” careers can be appealing for a host of reasons. Energetic retirees may want to try an occupation that’s always interested them or start a small business. With a lifetime of experience, many retirees want to continue to contribute their knowledge in their chosen field. They may decide to work as a contractor or freelancer in their profession, or to mentor younger workers. Others choose encore careers in which they can give back to society or lend their skills to particular passion. And then there are the health benefits: research shows that keeping the brain active offers protection from some aspects of cognitive decline as we age, and physical activity helps maintain strength and stamina. And of course, the extra income that an encore career provides can be a key motivator, as well.
We’re here to help.
If you’re considering an encore career, think about why you want to keep working. Is it because you love your current work, seek more socialization, or genuinely need the income? From there, you can prioritize your financial efforts according to your situation. Having a financial plan for your retirement is absolutely necessary, but having a plan to stay engaged and productive is equally important. Whatever your motivation for pursing an encore career, FAI can help you reap the greatest rewards from your newfound calling.