Some Boomers Planning Second Careers Instead of Retirement
Posted on December 26, 2005The Washington Times has an article that says many boomers are not planning for the old-fashioned idea of retirement. Instead some boomers plan to try new careers they find more enjoyable.
The downside (as usual) is that some may not be able to afford themselves the luxury of being selective about what kind of work they do. The Washington Times piece also says finding a new job in a career of one's choosing will not be an option for all boomers.In addition to earning income, they want to use their experience to do the work they enjoy.
Some corporate executives might want to join the Peace Corps, bankers would build yachts, and mechanics would run greenhouses.
"They no longer have to worry about putting two or three children through college," says Kelley Coates-Carter, AARP Maryland spokeswoman. "They can focus on something they always wanted to do. If they're looking to transition into other careers, one of the first things we tell them is to think about their passion."
For those who have enough savings "retirement" may offer the opportunity to try something unique that is personally rewarding while also generating some income.However, other boomers will not have the luxury of spending their golden years doing their labors of love. Low incomes or a lack of saving early in their careers has left them with few options as they get older.
"There are some baby boomers who will have to work forever because their employers don't have good pensions," says Mr. Frey, the Brookings Institution demographer. "There are a lot of jobs that are being phased out. They're going to be struggling to find jobs."