As longevity planners, our aim is to bring clarity and guidance to the complexities associated with retirement and aging. By leveraging the collective experiences of our clients, Hatch Retirement Services is uniquely positioned to share ideas and perspectives relating to longevity…a bird’s eye view.
Work and Longevity
If we are to believe what the front-end boomers are saying about their propensity to work beyond their nominal retirement age, then work is becoming a major component of the new “retirement”.
In fact, the shift in what we consider to be a normal retirement has been underway for some time. Today, individuals want to, hope to, and need to continue working at the age when previous generations retired (about seven in ten will work in some paid or volunteer form past their nominal retirement age).
Blazing the Way
Due to compelling numbers of boomers in the pipeline and the fact that this phase of life can now last 30 years or more, an industry is being built on helping older adults navigate these transitions. Because people are living longer, more planning is necessary. Our brand of longevity planning is about being proactive and positive in face of the complexities that come with retirement.
We strive to help people embrace the concept of extending their productive years, perhaps engaging in something they had never considered before. Taking a practical approach to second career opportunities, yet being open to the possibilities may be a difficult exercise for some, but this is where taking advantage of resources can help.
The good news is that mindsets are changing and even amidst a tough job market, opportunities are to be had in certain sectors that can benefit from an experience dividend from the massive human capital investments that were made in the boomer generation. There is still a good distance to go in breaking down the longstanding prejudice against older adults in the workplace, but a growing number of them are doing extraordinary things in their second careers.
Don’t Procrastinate
We know that staying both physical and mentally engaged are the pillars of longevity. We also know that fulfilling work is central to achieving a good life balance. So what can people do to better prepare for career transitions later in life and minimize the doubt and anxiety?
There are a range of tools and resources like those mentioned below which can help with the decision making process. The Hatch Plan incorporates these types of resources as well as partnering with experts across multiple disciplines to help clients with comprehensive, ongoing planning.
One crutch we don’t recommend, however, is that of procrastination. Even if you are a few years away from “retiring”, starting to take an internal survey and having conversations with others in the same boat is a good move.
A simple exercise that won’t take too much time is offered by the well-respected aging experts at MetLife’s Mature Market Institute. This spring they made available a Retirement Readiness Workbook designed to kick-start the process of retirement readiness self-evaluation. It is not by chance that the first five of the fifteen questions on the self-assessment (available online) are work related. Please call us to learn more about this exercise or any other work and longevity related questions you may have.
Encore Careers
For those with a more lucid picture of perhaps shifting from a grinding corporate job to something more meaningful to them, exploring San Francisco’s Encore Careers would be a valuable endeavor. Encore Careers is the core program at Civic Ventures, a think tank on boomers, work and social purpose. They provide free, comprehensive information that helps individuals transition to jobs in the nonprofit world and the public sector. They tackle most of the relevant questions around the topic such as: How can I update my job skills? What is a green job and how do I get one? How do I finance the transition to an encore career?
We also recommend The Boomers’ Guide to Good Work, a 16-page pamphlet created by a joint effort between Civic Ventures and the MetLife Foundation. This resource is designed to help boomers think about new careers, whether full or part time, and includes:
• Dozens of web sites, books, and organizations that offer information about the nonprofit sector, including job descriptions, salaries, and job listings.
• Advice on how to package experience as an asset and confront potential age discrimination.
• A look at job openings and retraining options in the fields of education, health care, and nonprofit work.
• Useful web sites for those thinking of working in education or health care.
• Examples of how some employers are making adjustments to prevent an experience drain and encourage older adults to enter the field.
• Real-life examples of personal transitions to second careers.
The Boomers’ Guide to Good Work is available free online at www.civicventures.org/guide.
Contact Us:
1650 Borel Place, Suite 227
San Mateo, CA 94402
T-650.573.9960
F-650.573.9930
info@hatchplan.com
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Hatch Retirement Advisors 