I’m a sucker for books that promise to point me in the direction of retirement security, especially when the information is so current, it hasn’t even been published yet. So, a few months ago, when I heard that Bloomberg Press was about to release financial expert Mark Miller’s The Hard Times Guide to Retirement Security, I immediately asked for a review copy.
You may recognize the author’s name if you regularly visit HuffingtonPost.com or CBS MoneyWatch.com. Mark’s also recently been making the rounds of conferences, such as the American Society on Aging, where I caught up with Mark in person. Face-to-face, he’s got just enough gray to appear dignified, with a look in his eyes that manages to come off as savvy and compassionate at the same time. You instantly want to trust this man.
Which is why any of us Boomers who still fancy the notion of a retirement as a never-ending vacation that centers around sitting on a beach somewhere sipping pina coladas or putting around a golf course should put this blog post down immediately.
Still with me? Thought so.
Like most Boomers, when it comes to stereotyped retirement fantasies, you don’t even need to read past Miller’s table of contents to see the writing on the wall. After a whirlwind tour through Social Security, Pensions, 401ks and the like, we get to the heart of the book: “The New Working Retirement.” Turns out that the real secret to retirement security for most of us is going to be — you guessed it — continuing to work as long as possible.
The good news is that Mark has upbeat advice for the 50+ crowd, everything from how to launch a lifestyle business to hiring a career coach. Paraphrasing and building on Mark’s suggestions, here are five tips for Boomers who plan to add “encore careers” into their retirement portfolio.
- Get tech-savvy.
Looking for an office job? At least appear to be up on the latest in cyberspace. Take notes during the interview on your new iPad, for instance. Make sure you have a business-like email address and don’t make jokes about you and technology that have anything to do with dinosaurs. - Resumes and age: “Don’t Ask, Don’t Tell.”
Experts disagree about the sticky resume age-disclosure issue. But as a rule, keep your resume as ageless as possible by listing degrees but not the year you graduated, for example. And ditch bragging that you have over 30 years experience. Interviewers, especially those who haven’t even been on the planet 30 years, don’t really want or need to see what you’ve been up to prior to the turn of the millennium. - Consider starting your own business.
It may sound counter-intuitive to become an entrepreneur during a recession, but there are some positives to consider. For one, suppliers slash costs and you can really cut a deal on office space. Secondly, the upside of the high unemployment rate is that there is a big talent pool of prospective employees. - Hire career coaching services.
If one-on-one coaching isn’t for you, seek out one of the many career networking support groups, group retreats or boot camps. The point is, you don’t have to go this alone. Retaining outside perspective can help you sort through the daunting process of clarification, planning and execution on the way to your “new working retirement.” - Think about giving back.
If you need continuing income, look into encore careers — transitions into second paid careers with social meaning. Even if you don’t have to work, our generation tends to be drawn more towards the center of community life through volunteering and unpaid service rather than moving towards the margins of a life-of-leisure, even if there is a pina colada involved.
To learn more, visit www.HardTimesRetirement.com. The Hard Times Guide to Retirement Security: Practical Strategies for Money, Work, and Living was published by Bloomberg Press on May 5, 2010.
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Thanks, Carol. I will be one of those who work until I can’t sit up in the chair. I have become involved in accounting over the last few years because it is ageless. It doesn’t take a toll on my body which is the most important quality for me at this age. I have never cared whether I had a degree but I am now considering that a degree wouldn’t hurt considering that I might want to work another 20 years.
I’m 59 but in good health from a genetic bank of woman who historically have lived into their 90′s. My mom is 79 and still extremely active and believes she, too, will live to 90. We currently have an employee who is 84 working in the accounting department because she didn’t start into the work force until she was 50 and her social security doesn’t provide enough money to let her live her life. It does provide enough for her to live but no extras.
I have another friend who is 87 and works 20+ hours a week running a food bank. She likes having a reason to get up in the morning and most of her volunteers are 80+. BTW-these organizations are always needing younger volunteers. If you are in your 60′s and feel old-join one of these groups and be the kid again.
We as boomer women need to take up where our mothers left off and volunteer. We could really act as mentors for a younger generation that desperately needs guidance. Domestic abuse centers need contributions but they need women who have been there and survived to step in the gap and lead the young women. Crisis pregnancy centers homeless shelters, suicide or mental health hotlines need all the hands and feet they can get as well as any service organizations you can list.
There is so much and so much organizations that serve, we the people, that are suffering in these difficult times. Giving in any form will reward your heart in ways unimagined. Let’s get out of our comfort zone and our routines, VN women, and be a positive force in a world fast losing it’s focus on what qualities are important.
Pina coladas are overrated…too fattening for anyone over 50!
Carol: Thanks so much for this advice. Your tech advice is soosooo true. I actually sit next to a woman who is older than I (50+) and she REFUSES to even learn the computer – much less anything else. She’s content to let me enter whatever information needs to be put into the computer system because she couldn’t be bothered. It’s sad really. I feel for her if she ever has to look for a job that requires her to do more than read a newspaper all day long. I’m so afraid of being left out of the loop when it comes down to technology that I’m on the fence as to whether I should purchase an IPhone, IPad or Reading Nook – as I can’t really afford any of them but I know in order to keep up I need to break down and purchase at least one of them. I NEVER put my age or graduation date on my resumes and only the last 10 years of relevant employment (I figure potential employers don’t need to know more than that).
Hi Carol. This is how my retirement should be, still working and contributing to an organization. Unfortunately, the process of fulfilling it is so hard. Specially in our country where the employment age is up to 45 years only. Even if you would not indicate age in the resume, it will be asked in the interview. Right now, while looking for a job, im also trying every entreprenual biz available. Before, Ive been very disappointed with how things came up to be regarding myself, after joining VN, Ive been totally refreshed, and just zealous with whatever outcome there might be. VN is a great help. Thanks….
Most on-line applications require a graduation date and failure to provide it prohibits the processing of your application. Since most employers want to see the date, and will verify graduation at some point anyway, aren’t you just giving the impression you have something to hide?