I came across this incredible piece of fluff this morning.
To earn money or keep their hand in the game, many retirees head back to work or start their own businesses.
It took Jay Franklin ten years and three attempts to actually retire. "I flunked retirement. . . twice," jokes Franklin, 69, a hard-charging former sales executive from Thornton, Pa.
After being unexpectedly downsized as vice-president of an international company in June 1996, Franklin, then 58, took the summer off. He hung out with his wife, Doreen, at their beach house in New Jersey and played golf with his friends. He had a pension, lifetime health benefits, a respectable investment portfolio and a closet full of custom-made dress shirts. Retirement, even an accidental one, wasn't so bad.
But when the summer ended and all of his buddies went back to work, Franklin got restless. "There's a loss of identity when you retire, and I missed being in the game," he says. "No one teaches you how to retire."
The article paints a picture of tireless wealthy retirees itching to be productive in their golden years.
With the economy sound and the job market strong, many employers welcome the trend. Fearful of staff shortages after boomers retire, companies are willing to offer experienced workers flexible hours, part-time schedules and innovative "snowbird" programs that let employees split a job between summer and winter locations.
Michael Jalbert, president of MRINetwork, one of the world's largest professional-staffing firms, says his company places an increasing number of retired baby-boomers in jobs. "Companies seek people with the skills, experience and work ethic of that generation," says Jalbert. "It's a candidate-driven market."
Many employers also think older workers are just as productive as their younger counterparts, if not more so, according to a recent report by the Center for Retirement Research at Boston College. After surveying 400 employers, the center's staff concluded that managers and professionals have better prospects for extending their careers than rank-and-file workers. The report also notes that midsize employers (with 100 to 1,000 employees) offer the best opportunities for older workers.
On the downside, employers view older workers as more costly than their younger counterparts because of their higher salaries and benefits. So you may need to accept less money to land a new job.
I dream for the day when I can 'retire', have plenty of money but work for pennies just to keep busy.
2 comments:
I enjoyed your post. I'll be retiring in 7 weeks (at the ripe young age of 44) and am curious to see whether I will mourn the loss of my work identity. I am so looking forward to all that I'll be doing in retirement, that I can't imagine feeling that way, but only the reality of retirement will tell.
As to working for pennies to keep busy, I don't think I'll feel the need to work just to keep busy; I think I'll be plenty busy. However, I can see retirement leading to working for pennies to follow a passion, something new and exciting.
Retiring at 44? Lucky you! As to your statement, I agree that many work after retirement in the pursuit of a passion or interest. On the other hand, I have met many who are working 'for pennies' out of economic necessity often paying for such high-priced 'luxuries' as basic medicines and food.
Thanks for your comment.
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