As women are becoming WISER about their retirement savings, the benefits of working longer and retiring later are growing, and more women are taking advantage of them. We live longer on average these days, and so retiring at a later age still gives most people plenty of time to enjoy many good years of R&R. More importantly, your golden years can be improved by the increase in Social Security money that you earn by putting off retirement, because the longer you put into the system, the more you will get out of it.
Both out of choice and necessity, older Americans are working. The Washington Post recently reported that “more people older than 55 are employed than ever before.” And more retirees are looking for ways to get back into the workforce. If you’re one of them, Civic Ventures, a think tank on boomers, work and social purpose, offers a program called Encore Fellowships. These fellowships are offered in seven states, carry a small stipend, and give retirees the chance to use their skills during a full-time or part-time commitment at a nonprofit, which can perhaps segway into an “encore career.” The New York Times also recently reported on a company called ReServe, which matches people 55 and older with non-profits that can really benefit from their past experience.
Entrepreneurship is also a growing trend among those looking to go back to work or transition into new kinds of work later in life. If that sounds like you, consider starting a business that can offer services to the older population. Since many people looking to start an encore career are likely to have already been through a number of challenges facing the older population they can sympathize more easily with these specific challenges, and their firsthand experience may make them supremely qualified consultants on a whole host of issues, from chronic illness coaching and moving services to memoir writing for those who wish to document their lives.
More and more companies catering to second careers are popping up to meet the increasing demand, as more retirees realize that they have plenty of working years left in them to give back and increase their retirement savings. So while retiring as soon as possible may sound appealing, working longer may literally pay off. For more information check out WISER’s Simple Guide, What Everyone Needs to Know About Money and Retirement and What Every Woman Needs To Know And Do: The New Retirement Journey.