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A recent conversation with my father made me finally end my constant harassment of him in insisting that he pack a truck leave his old life behind, come, and live with me. Until now, I was convinced that he needed to be saved from himself.
You see, while he is officially retired, he is still working. I was convinced that he needed to take it easy. He was convinced that I was trying to put him in a wheelchair.
My dad works to supplement his Social security and because he enjoys it. After several decades as a Big Rig driver, he is now a security guard at a museum that is used for Gala events, and he loves the perks.
Many people choose to postpone their retirement because they want to maximize their Social Security…
Every year you keep working is another year you can delay tapping retirement savings and Social Security benefits. My normal retirement age for Social Security is 66. If I were to start collecting at 62, I’d get 75 percent of my full benefit, but by waiting until 70, I’ll get 132 percent,” says Helen Huntley, St. Petersburg Times Personal Finance Editor who is currently planning to start an encore career as a financial planner.
What Is An Encore Career?
An encore career is defined as a late in life career started between the ages 44 and 70, usually after retirement. These latter year careers are becoming increasingly popular as the baby boomer generation ages and is, in many cases, replacing or postponing retirement.
According to a survey conducted by Merrill Lynch, 76% of all boomers expect to continue working after retirement, often in a completely new position or career … And it’s a good thing for the rest of the nation, too. According to the Bureau of Labor Statistics’ reports, by the year 2014, an estimated 78 million boomers will gradually make their way out of the workforce with only 75.6 million workers entering to replace them.” — Christina Couch
In her article entitled Encore Careers, Couch says that these older workers will also be heading to the nation’s community colleges to update their skills and knowledge base. My dad also took a computer course a few years back that helped him qualify for is job as a security job for the museum, because even jobs in security require use of technology.
Just the same, all potential retirees aren’t necessarily looking to job opportunities for their encore careers. Some are starting their own businesses. Unlike second careers (when 40-somethings tend to leave their career for something completely different), encore careers tend to occur after retirement age.
As our parents and grandparents enter encore careers, 40- and 50-somethings are beginning to see value in planning for a late in life career. Many are starting part-time businesses as they approach retirement — businesses that they can continue after they retire from their main career.
Want to get a head start on your encore career before you’re faced with retirement? Check out these 5 steps to starting a second career.
EncoreCareer.org has a wealth of information about starting an encore career.
I have been a certified tightwad since I became pregnant with my first child and decided to find a way to stay home with him. I enjoy sharing my experiences in my journey back to financial health and planning for a future — which will include sending 2 kids to college and early retirement.