| As experts scramble to contain the financial crisis, | | | | Test the Waters |
| older workers are staying in the workforce longer. In | | | | Even if your encore career is workable, you should |
| October, the Congressional Budget Office reported | | | | test the waters before diving in. "You have to |
| that American pensions and 401k plans had lost $2 | | | | engineer your passion into some form of reality," |
| trillion over the previous 15 months. In a recent | | | | says Farley, "or you'll wish you were back in your old |
| survey, 34 percent of respondents reported that | | | | job with a reliable paycheck." What's the best way to |
| they were considering delaying retirement. While the | | | | test the waters? Farley recommends volunteering or |
| figures make traditional retirement feel like a distant | | | | finding a part-time job in your prospective career |
| dream, many Americans age 44 to 60 are getting a | | | | field, or enrolling in some college courses. |
| second wind. | | | | Make Sure You Have Useful Skills |
| According to MetLife Foundation and Civic Ventures, | | | | Wherever you find an encore career, you'll likely |
| 5.3 million Americans are working in so-called "encore | | | | competition from younger workers, so it's important |
| careers"--post-retirement age jobs that provide | | | | to remain versed in relevant skills. In particular, it's |
| workers with a sense of purpose, in addition to | | | | important for seniors to be computer literate, as |
| income and benefits. Baby Boomers are finding | | | | many employers (erroneously) perceive older |
| encore opportunities through non-profits, | | | | workers as less up-to-date on information |
| entrepreneurship, and public service. Here are five | | | | technology. Cecil Hemingway, United States |
| expert tips for landing an encore career. | | | | retirement practice leader for Aon Consulting, advises: |
| Follow Your Bliss | | | | "Your best defense, whether you're ready for |
| Frank Farley, psychologist and former American | | | | retirement or not, is you have to be sure you have |
| Psychological Association president, recommends you | | | | valuable, usable skills.... If you don't have valuable skills, |
| start by looking at activities with a high potential for | | | | you're going tohave a problem." |
| personal fulfillment. If there's something you're | | | | Don't Be Afraid to Stick it Out |
| passionate about--like writing, painting, or teaching--it | | | | There's always the chance you may want to stay in |
| might be time to heed the words of Carl Jung and | | | | your current career. If this is the case, says Alicia H. |
| "follow your bliss." If you think you might regret | | | | Munnell, director of the center for retirement |
| passing up an opportunity, says Farley, you're | | | | research at Boston College, tell your boss you're in it |
| probably on the right track: "You don't want to look | | | | for the long haul. "If you're a 55-year-old worker, you |
| back and think, 'I wish I'd done that.'" | | | | want to tell your company that you intend to be |
| Get Real | | | | there at least 10 years, that you want to be |
| Once you get an idea for what kind of career you | | | | considered for training and promotion and that you're |
| want to pursue, examine the practical implications of | | | | actively involved in your job." |
| your new direction. Take stock of your present or | | | | Whether you decide to hold onto your old career, or |
| past career--the parts you enjoyed and the parts | | | | blaze a new trail with an encore career, the right |
| that made you want to retire early. Among the | | | | training and skills can help you make sure that when |
| questions you should ask yourself, Farley lists: "Is this | | | | retirement does come, you should have a substantial |
| enough for me?" and "Can I make enough to support | | | | enough nest egg, as well as a newfound sense of |
| myself and my spouse?" | | | | purpose and contribution. |