What Unretirement Means for You
Today's baby boomers are unretiring. The result is an aging workforce bringing on a societal shift in America. What unretirement means to you is that the workforce is seeing the best of the best coming back into the workforce. This unretired generation:
- Is healthier and more educated than their counterparts in any previous generation
- Craves the socialization that comes from working
- Considers the skills, knowledge, and experience they've gained as a big part of who they are
Here's what you'll be seeing today and in the near future:
- New small businesses are formed by people between the ages of 55 and 64 who work at home or use work-sharing spaces
- Employment agencies created by retirees for retirees
- Companies recognize that retirees have a lot of knowledge and skills and are prime candidates as consultants
- Pre-retirees think about "what do I want to do next" rather than about retiring to a life of leisure.
- Phased retirement programs are created by companies that view retirement as a long-term event rather than an end date
- Millennials and Gen Xers know that they have time to pursue more than one, or even more than two, career paths
If you're considering an encore career, consider what you want to get out of your new profession.
Here are some of the reasons retirees report working, according to a report by Merrill Lynch:
- A desire to achieve more. Sixteen percent of retirees feel ready to tackle more significant projects, such as opening their own businesses.
- They want to give back. Of these working retirees, 33% want to pursue charitable work or humanitarian causes.
- Because work is enjoyable, while they may need the money, 24% say they are happier when working.
- It keeps them sharp and active. Many retirees report that working helps them to be mentally and physically healthier.
Now that you know what unretirement means, how can we help? Elevate Credit Union is here for you, whatever your plans are for the future. Many services are available to help you with your projects, ideas, and new adventures.