Financial planning tools and services to put you on the path to the future you want
Your guide to financial planning and retirement
Connect with peers and experts
Get to know the people behind the company and the mission behind the work
Offer financial wellness to the people at the heart of your business
February 25, 2021
The Big Takeaways…
The good news is that jobs for seniors are numerous and seem to be growing. It’s time for you to embark on a career or search for jobs!
There are many questions you will want to ask first, including:
Maybe you want to stay in your lifelong job? Maybe you want to pursue something totally different?
Regardless, explore the following ideas for jobs for seniors.
Use a comprehensive retirement planning calculator to see the impact of additional income on your overall financial future. Continued work is great for cash flow and will extend how long your savings will last. It might even reduce expenses if it can help cover healthcare.
The NewRetirement planner is the most reliable online retirement planning resource.
It puts you in the driver’s seat for all of the inputs. Forbes Magazine calls it a “new approach to retirement planning.”
Some employers encourage retirement at or even before 65. Many other employers wish to retain their employees for as long as possible. There is no rule that says you must retire at any age. If you enjoy your current job and/or its benefits, then there is really no reason to voluntarily leave.
In fact, the only real reason to voluntarily leave a job is because you have something better to do.
What To Do if You Feel You Are Being Forced Out?
If you may wish to stay in your current job, but feel you are being forced out, you have options. Consult the EEOC for information about age discrimination.
Phased retirement is when you retain your current job with your current employer, but reduce or change the hours you spend at the job. You might also reduce or change your responsibilities.
Working part-time or on a more flexible schedule at your current job is a great way to ease into retirement. And there are clear benefits to a reduced schedule:
Phased retirement offers huge benefits to the employee as well as the employer. Many employers will learn that they actually need baby boomers to continue working.
If baby boomers retire at or before the age of 65, the United States may experience huge labor shortages.
Not all employers offer phased retirement. If your employer does not, you might be able to help them design a program to meet your needs. Don’t be shy about asking them, afterall, they’ll be getting your experience at a lower rate due to you working fewer hours.
Many of today’s retirees are viewing retirement not as an end, but rather as the beginning of a new and exciting phase of their life.
There are many great reasons to work during retirement – this article on Retirement Jobs will really help!
Financial compensation will likely be a consideration after retirement, but many retirees are making compromises on salary and benefits to find a job that they really enjoy.
Retirement can be an ideal time to compromise with a cut in salary to engage in a job you can be truly passionate about.
Consider the following options for transitioning to a new retirement career:
From running a bed and breakfast to launching a new product, retirees are starting their own businesses in droves. And entrepreneur-ism makes great sense as a career move for retirees. (In fact, senior entrepreneurs are among the most successful.)
The experiences of a long career can give seniors the knowledge and confidence to successfully launch a business. And, owning your own business means that you can set the schedule and pace of your work.
Examples of seniors starting small businesses:
Almost any job or work expertise could be turned into a small business opportunity in retirement. However, it is important that you understand the dynamics and demands of running your own business and are realistic about your financial prospects and needs.
For more information on running your own business, consult these links:
And, have you considered all of the opportunities for supplemental income from working for yourself online? Explore 12 ideas starting a business after 50.
You might not have pursued a passion when you were building a life, supporting a family and saving for retirement. Passion jobs don’t always offer adequate income or security.
However, jobs in venues that match your interests can be perfect for supplementing your retirement income while also adding joy to your life in retirement.
The best jobs after retirement can enable you to work in an area that really interests you.
The following are examples that might inspire you to find a job in retirement that you will really love:
Travel is what most retirees want to do. If you can’t afford it on your own, even with these great travel tips, the travel industry offers so many job opportunities for retirees.
In many cases, you are working to cover travel expenses. But in some cases, you can earn an income as well as reducing your travel costs. It may take some creative thinking, but you should be able to find a job to supplement your travel expenses and maybe even enable you to save money too.
The above-mentioned jobs might not be all glamour, but seeing the world can be worth it. These web sites might help you find a job if you are interested in travel:
As an older person, one of your big advantages is that you have built up a lot of experience. Therefore, consulting can be an ideal job for seniors.
Many people retire from their jobs only to immediately start consulting full- or part-time with their previous employer or another company in their industry.
Consulting can give you a lot of flexibility and because of your years of experience, a good salary.
Many people find consulting to be an ideal bridge from full time work to full time retirement.
According to the Department of Education, more than a half million men and women over 50 are part- or full-time students in undergraduate and graduate programs in the United States. Many more seniors engage in training programs and other vocational education.
When making a career switch around retirement it is important to consider how much time and money the education will cost. You should ask yourself if the financial outlay is commensurate with the financial or other benefits you will receive.
The Occupational Outlook Handbook, linked below, can educate you about the training, education and earning potential of hundreds of different jobs.
The following links might help you to explore your education options:
There are so many worthy causes in the world and not nearly enough people to serve at them.
Hospitals, schools, libraries, churches, parks, zoos international relief organizations and more all need help.
And, a lot of Seniors are already are participating. The Peace Corps reports that 6% of their volunteers are over 50 years of age.
If interesting work and vitality are more important to you than income, volunteering may be the right and most rewarding option.
The following organizations offer special programs for jobs for seniors:
You might be surprised by the range of companies with jobs for seniors. Everyone from McDonalds to New York Life Insurance wants to employ older Americans.
The AARP developed a program called the AARP’s Featured Employer’s Program. For this program, AARP partnered with employers who want the experience and leadership of older Americans.
Visit the following links for more information about companies seeking seniors:
The type of jobs you choose after retirement will likely be at least somewhat determined by your financial needs.
Do you know what your financial needs are? Now? Twenty years from now? The NewRetirement Retirement Planner is an easy to use but highly detailed resource that lets you create your own retirement plan and keep it updated. You can input different income and expense levels for various time periods.
This tool was recently named a best retirement calculator by the American Association of Individual Investors (AAII). Forbes Magazine calls it, “a new approach to retirement planning.”
Do it yourself retirement planning: easy, comprehensive, reliable
Take financial wellness into your own hands and do it yourself retirement planning: easy,
Share this post:
Some individuals dream of the day when they can do absolutely nothing. To them, retirement is a euphoric future of sleeping in, lounging in the sun, and thinking as little as possible for the next 30 years of their lives. (Others dream up retirement business ideas.) In fact, for most of us, a life of…
An astonishing number of retirees “reverse” retirement – they quit their lives of leisure and go back to work either part or full time. Is retirement really not all that it is cracked up to be? Going backward is rarely a good idea, but reversing back into a compelling job can actually have far-reaching benefits.…
Reaching retirement doesn’t have to mean that you’ll never work again. In fact, it might be a great opportunity to work on your own terms. Part-time work can help you improve your retirement income, keep you active, give you purpose and be fun all at the same time. And, in case you haven’t heard, there…
Our weekly newsletter full of inspiration, podcasts, trends and news.
© 2023 NewRetirement, Inc. All rights reserved.
Disclaimer: The content, calculators, and tools on NewRetirement.com are for informational and educational purposes
only and are not investment advice. They apply financial concepts in a general manner and include
hypotheticals based on information you provide. For retirement planning, you should consider other
assets, income, and investments such as equity in a home or savings accounts in addition to your
retirement savings in an IRA or qualified plan such as a 401(k). Among other things, NewRetirement
provides you with a way to estimate your future retirement income needs and assess the impact of
different scenarios on retirement income. NewRetirement Planner and PlannerPlus are tools that
individuals can use on their own behalf to help think through their future plans, but should not be
acted upon as a complete financial plan. We strongly recommend that you seek the advice of a financial
services professional who has a fiduciary relationship with you before making any type of investment or
significant financial decision. NewRetirement strives to keep its information and tools accurate and up
to date. The information presented is based on objective analysis, but it may not be the same that you
find on a particular financial institution, service provider or specific product's site. All content,
tools, financial products, calculations, estimates, forecasts, comparison shopping products and services
are presented without warranty.