We are revisiting what we mean by retirement, and it’s very clear that the definition of what people do even into their 70s is changing a lot, and people are continuing to work full time, continuing to work part time, and that has increased more for women than for men. There has been a big change in family structure, increases in divorce have left women more on their own, they may not be dependent on their husband’s pension or Social Security benefits, and of course women are living longer than men. So they have more need to think ahead to retirement.
Working in retirement
Based on over 40 years of experience, these are guidelines that a retirement expert uses for his own planning. Some key takeaways:
- Work until 70, but not necessarily at the same job.
- Develop sources of retirement income.
- Control living expenses.
- Take care of health.
- Protect against catastrophic health conditions.
- Stay socially engaged.
One option for making some extra money in retirement is to work as a real estate agent.
It seems like another life. At the height of his corporate career, Tom Palome was pulling in a salary in the low six-figures and flying first class on business trips to Europe. Today, the 77-year-old former vice president of marketing for Oral-B juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam’s Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage.
Many couples dream of being joined at the hip when they're no longer working. A more satisfying approach may be 'parallel play.'
As longevity increases Canadians should find ways to save more and plan better to finance their retirement, two retirement experts tell BNN.
However, many Canadians are forced to continue to work well into their retirement years to meet their financial needs.
But for other baby boomers, retirement is no longer a magical day on which they will stop working, get a gold watch and live a life of leisure, said Catherine Collinson, president of the Transamerica Center for Retirement Studies. More than 60 percent plan to work past age 65 or not retire, she said. “It’s not their parents’ retirement,” Collinson said. “Baby boomers plan and expect to work longer, delay retirement and transition into retirement in a way that involves at least working part time.” The majority of baby boomers, Collinson said, are delaying retirement out of necessity.
Change is a part of life. Life Reimagined has been created to help you navigate change no matter what situation you find yourself in. We'll help you take the mystery out of change and discover your path to new possibilities.
If you’re an experienced professional hoping to enter (or stay in) a youth-centric industry, here's how. Be youthful when it counts. Go ahead and play the age card.Breaking into a youth-centric company, industry or market is neither simple nor straightforward. You have to acknowledge what the emphasis on youth signifies and raise that part of your game. You have to play your experience card too, because that also gives you value. And you have to keep plugging away and expanding your connections because your point of entry will not be obvious.