What will your retirement look like? If you’re like many, it may actually look a lot more like ‘unretirement!’
A new survey suggests that more than half of workers approaching retirement in the next five years believe they’ll likely return to work.
Further, according to the Home Instead survey, most of those approaching retirement or who plan to “unretire” expect to do so in a new industry.
“Finding a fulfilling post-retirement career can be incredibly valuable for an older adult,” says Alistair Hicks, co-owner of the Home Instead Senior Care office serving Greater Victoria, noting that nearly 80 per cent of respondents also say they want to make a meaningful community impact post-retirement – through volunteerism or in a role involving caregiving, teaching or giving back.
“For some men and women, that fulfillment comes from being a professional caregiver, but many find new career or volunteer opportunities that reflect their skills, passions and life goals, and challenge them in a way their previous career might not have.”
Why return to work?
Important motivators for current retirees returning to work included fighting boredom (44 per cent) or keeping their minds sharp (22 per cent), while those eying retirement were keen to find new challenges and fulfillment.
With people living longer – and typically healthier – than ever, maintaining a sense of purpose is essential. While retirement age has been around 60 or 65, today there’s a significant trend toward adopting second and third careers after that perceived ‘retirement age.’
However, even if a person continues to work after retirement, early financial planning is still key. “Regardless of whether a client chooses to go back to work for financial reasons or to pursue a passion, working with a financial advisor is the most valuable step someone can take in planning for the next stage of life, wherever that may take you,” says Sun Life Financial advisor Melanie Johannink.
What will your ‘Unretirement’ look like?
Wondering what kind of job to explore? Home Instead Senior Care network has launched a series of tips and resources to help you make the most of your post-retirement years.
Have a look at 10 hot jobs for retirees, including personal stories, pros and cons, and where you might find work; then take the UnRetire Yourself Quiz – the online career assessment tool asks questions about your interests, skills and ideal work environment before recommending categories of jobs that might suit you.
“Whether you’re looking for an opportunity to make a difference in the lives of others, share your expertise, network with new people or create something new, our hope is that the career assessment tool will help spark ideas and conversation around what a rewarding next chapter could look like,” Hicks says.