For those nearing retirement or just getting burned out in their “primary” career, one way to transition into retirement is to continue working, but downsize the workload and the responsibilities. This can help with both the psychological effects and the financial aspects of going “cold turkey” into retirement.
Three great encore careers to consider:
1) Non-profit leadership roles – several of our clients have moved from corporate for-profit roles as their primary career to non-profit leadership roles. Many non-profits need the talent and experience that former corporate executives can bring. Since there are thousands of non-profits, it also provides an opportunity to pursue one of your passions. Plus, if you have a sales background, nearly all non-profits can use great fund raising talent!
2) Teaching – many MBA programs and community colleges use adjunct faculty to teach. These programs find value in having former business executives with real world, practical experience to bring the academic theory alive. Many folks find real joy in sharing their knowledge and helping others learn.
3) Retail – this may sound weird, but pursing a retail job offers another way to pursue a passion. If you have always loved clothes, or interior design, or gardening, or you’re a do-it-yourself person; go to work for a specialty retail store in your area of interest. I know several people who have done this and truly enjoy working 15-20 hours a week in a store that they have always enjoyed.
The last two careers assume that you are well-positioned financially to retire, but that you like the idea of a little extra income as well as putting some of your talents and passions to use. Non-profit leadership roles will often pay more, but may require more time and energy. It is important to examine your human capital (work experience, education and skills) as well as your financial capital when considering an encore career.