Have you heard of “encore careers?” Shifting from the trends of the past where once a person retired they were finished working, it is now becoming more and more popular (due to both necessity and desire) for retirees to begin second occupations.
While most retirees plan to spend their post-work years traveling, volunteering, spending time with grandchildren, or improving their golf game, many are energized by discussing their “next act” in terms of work – their encore career…nearly 60 percent of workers who are age 60 or older anticipate looking for a new job after retiring. Whether it’s out of a necessity to supplement retirement income or a desire to simply to stay active, intellectually engaged, or inspired, working in retirement is quickly becoming the norm. (Source: Forbes)
Four reasons why the “encore career” has become more and more mainstream:
- Financial Advantages: postponing drawdown of savings and social security while continuing to increase net worth is enticing to many, especially when life expectancy continues to rise.
- Bridging the Gap: if contemplating the inevitable work-to-retirement transition spikes your anxiety, a more gradual change may prove more fulfilling for you.
- Health Benefits: more and more evidence suggest cognitive, psychological, and social benefits to working…
- Intrinsic Rewards: pivoting from the stable, lucrative, career path that sustained you and your family to a more philanthropic, creatively stimulating, or simply a riskier occupation may revitalize you…
Are you a retiree already involved in an encore career? Or someone who is considering it? Please share your insight and thoughts!