Career Reinventions and the New Retirement Workscape
According to the latest retirement study by Merrill Lynch “Retirement used to mean the end of work. But now we’re at a tipping point: a majority of people will be continuing to work after they retire – often in new and different ways. Nearly half (47%) of today’s retirees say they either have worked or plan to work during their retirement. But an even greater percentage (72%) of pre–retirees age 50+ say they want to keep working after they retire, and in the near future it will become increasingly unusual for retirees not to work.” Even when many people move into senior living living communities, they choose to keep working in many instances.
This new phenomenon is driven by four forces:
- Increasing life expectancy, which has produced a retirement that can last 20 years or more.
- Elimination of pensions for most workers, shifting the burden for funding retirement from employers to retirees.
- Recent economic uncertainty, which has been a wake–up call for many people that it is not financially sustainable to retire without some employment income.
- Re–visioning of later life, as new generations seek greater purpose, stimulation, social engagement, and fulfillment in retirement.
If you are approaching the “pre–retirement” or “career–intermission” phase, that is over 50 and wanting or needing to continue to create income, we can help you. Our complimentary business coaching focuses on your next phase and the options open to you while you consider all of your options. Join us for our upcoming Webinar.