Work Past Retirement Age

Retirement options for the baby boomer generation and beyond look quite different from those of a generation ago. The average lifespan has increased, while many employer-funded pension opportunities have decreased. Many older workers realize they will need a continuing income stream beyond traditional retirement age. You may choose to work past retirement age to bridge a savings and benefit gap, because you wish to continue in your present career or because you want to start a new career and take a different direction.

Steps

  1. Assess your expected financial situation after retirement age. Most companies have discontinued pensions in favor of 401k programs. The value of these portfolios fluctuates and does not yield the same steady, guaranteed income of a pension, but you can estimate your retirement income.
  2. Learn about the restrictions on income you can earn while collecting Social Security benefits.
    • The retirement age for Social Security is rising under a gradual plan. To see what the Social Security Administration considers your full retirement age based on the year of your birth, visit http://www.ssa.gov/retire2/retirechart.htm.
    • If you collect Social Security benefits before your full retirement age, you will lose some of your benefits once you pass a certain income threshold. The reduction is significant; for every $2 you earn above the limit, your benefits will be reduced by $1. The income restriction is phased out until the month you reach your full retirement age, after which you can collect full benefits regardless of your income.
  3. Make working past retirement age part of your long-term career strategy if you wish to continue in your present career.
    • Take advantage of continuing professional development and certification opportunities. You will be most valuable as an employee if you can bring to the table a wealth of experience and knowledge of current trends and techniques.
    • Project an image of someone excited about the future of the organization and the possibilities for advancement, rather than of someone phasing out of involvement in new projects and responsibilities.
  4. Tailor your resume to highlight experience rather than longevity. You may wish to remove some of your earliest jobs.
  5. Train for a new career if you plan to change course after retirement age.
    • For example, you may want to take a bartending course and work 1 night each week to see if this is something you will enjoy.
    • The AARP and local senior service organizations offer advice and employment networks for people seeking to continue to work after retirement age.
    • Community colleges have received federal grants to train workers over 50 for such fields as pharmacy technician, nursing assistant and child care worker.
    • You will transition more smoothly into a post-retirement or second career if you begin training for, and working at, it while still holding your present job.
  6. Keep your technology skills current.
    • Older workers often battle the perception that they are less skilled at computers and other technology. In addition to helping to raise an employer's perception of you, strong computer skills will allow you more flexibility to work from home or even while traveling.
    • Social media skills are important for networking and as an outlet for some work such as blogging. They have also become a necessary tool in such professions as marketing. Workers in such professions must adapt and update these skills.
  7. Consider consulting opportunities or freelance work in the field you currently work in.
    • If consulting interests you, make it known to contacts at the Chamber of Commerce and industry groups that you are seeking such opportunities.
    • Your present employer may wish to have you consult as a trainer or for temporary work during busy seasons.

Tips

  • If you do plan to retire, consider doing so gradually. The most traditional retirement route is from full-time employment to full-time retirement. But the Health and Retirement Study (HRS) sponsored by the National Institute on Aging, found that 3 out of 4 older workers express a preference to reduce work time gradually.

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References

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