Who said retirement means stop working entirely? An encore career may be a key piece of your financial plan.
Who said retirement means to stop working entirely? These days, the new normal is retirement way past 65. More boomers are working later in life, or will be. Some, in part-time positions. Some full time. For some, it’s a choice. Others, a necessity.
An Associated Press-LifeGoesStrong.com poll released in November 2011 reported that 73% of boomers plan to work in retirement, up from 67% who answered this same question in April 2011. And since nearly half of those polled believe they will live comfortably in later years, it’s not surprising that a CareerBuilder study in early 2012 found that 57% of workers 60-plus said they’ll look for a new job after retiring from their current company.
But this isn’t meant to discourage anyone, just the opposite. What’s happening is simply a redefining of what “retirement” may mean to today’s aging population.
A standing golf date isn’t everyone’s idea of retirement. Some retirees may want to grab a pastry knife over a putter—and get paid for it. Others might want to hang out their own shingle, perhaps leveraging decades at a big accounting firm to open a tax-prep service steps from the beach.
Discover how much you should be saving to reach your retirement goals by using our Retirement Planner tool. It can help you evaluate if you are on track for the retirement you want by evaluating current savings, timeline, and more.
After all, pursuit of a paycheck doesn’t have to be more of the same clockpunching routine. Retirement may just be the perfect chance to go parttime at the same company, or try out a dream career missed the first time around. Maybe it means leaving corporate America and joining the ranks of non-profits. For others, contract work may provide desired flexibility.
David Corbett, founder of New Directions, Inc., says Americans at this stage might adopt “a 1099 tax-form mentality,” and think and act with an eye toward opportunity through contract work or self-employment. “It’s not about behaving like corporate soldiers, but rather like entrepreneurs,” said Corbett, author of “Portfolio Life: The New Path to Work, Purpose and Passion After 50.” Corbett offers these tips:
On track to retire? Come into a branch and talk to a TD Ameritrade Investment Consultant. Check out the branch locator or call 800-669-3900
As lifestyles change, baby boomers may find their competition now isn’t so much their younger rivals, but their peers. There are resources to help with a job search:
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