How Can You Cope With The Rising Age Of Retirement?

Experts are fairly confident that by 2020 the average age of retirement will have risen to 66. This number, I’m sure, comes as no to surprise to anybody who has followed the economic health of the nation. But this number may still be alarming to those individuals who are planning on retiring in the next five to ten years. So what can you do if you’re a little uneasy about being able to retire? rnIt is important to remind yourself that when considering retirement you’re not faced with a strictly bilateral decision. For most individuals the choice isn’t just between retiring or continuing to work full time in their current position, although many people approach retirement with this mindset. Retirement advisers encourage individuals to consider all of the options open to them. When deciding whether or not you should work in your retirement you should consider what your hobbies are, what you’re good at doing, what you would like to do, what you would like your schedule to look like and what your financial situation looks like. Once you’ve answered these questions you may want to consider inquiring with your current company as to whether or not they will have a position which fits your needs in the near future. If they don’t then you may turn to other companies or even consider self-employment. The benefit of self-employment as a transition into retirement is that it gives you full flexibility with your schedule. It also allows you to follow a career path which interests you. Working into your retirement can really be an opportunity to do something you love. Just because you don’t have the funds to retire does not mean you cannot find another way to supplement your income. Kristi Essick of the Wall Street Journal showcased a few individuals who did just that. Gail Marlow Taylor spent most of her career as a medical technologist, and when she began to consider retirement she decided she wanted to do something more with her life. So, she decided to pursue one of her life passions, history. Ms. Thomas had always been interested in history and thus decided to apply to a Ph.D. program in history at the University of California Irvine. She is currently taking classes, teaching undergraduates, frequently travels to Europe on scholarship to conduct research and is in general very happy with her decision to pursue a second career in education. Paul Giannone worked with computers for most of his career but never felt like he particularly fit the job description, so he decided to retire early and pursue a new life path. His true passion in life was pizza. So, after conducting a lot of research and perfecting his pizza making skills, he opened up a pizzeria and is now infinitely happier with his position. Happiness and fulfillment are the theme of Essick’s article, and should provide individuals who are discouraged by the thought of working into their retirement with the inspiration to view their situation as an opportunity. Another career option available to individuals who are looking to supplement their retirement earnings is becoming a franchisee. As a soon to be, or already retired individual you may find that you have a vast wealth of business knowledge and good credit. If this is the case and you are looking for a second career, you may want to consider opening a branch of a successful franchise. The first step is considering what industry you’re interested in and what your community needs. You should also consider the risks inherent with opening up a franchise. There are of course start-up costs and there is always the risk that the business will struggle. It is also much harder for somebody who is older in age to recover from an economic setback. But, if you have the economic cushion and the business skills to make the business a success, it is definitely an option to consider. When faced with how to supplement your retirement income consider your hobbies, your strengths and what your financial situation is like. Retirement can be a great time to pursue a new passion and turn it into an enjoyable career.