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Sunday, August 14, 2022

Action Strategies: A Limited Boomerang Back for Retirees

amy lindgren

When you retire, do you expect to work again? Statistics vary, but it seems likely that the answer will be yes for a significant portion of workers.

In 2019, for example, a survey found that 27% of respondents who were in the process of retirement planning expected to work at least part-time after leaving their full-time jobs. Other surveys show that 19% of post-retirement Americans are currently working part-time, while another report (Rand Corp., 2019) found that 40% of workers age 65 or older are more likely to return to the workforce. had previously retired.

The primary reason for working after retirement is financial, although nearly half of employed retirees in a 2018 survey (Transamerica Center for Retirement Studies) said they continued to work because they enjoyed what they were doing or because they wanted to be active.

While it’s hard to find studies that measure the same thing, once you accept the differences in research, the conclusion is still clear: A significant number of United States retirees leave their primary job. returns to the workforce.

If you think you might be one of them, you may find that having a plan leads to a softer reentry.

For example, would you consider returning to your previous profession? This is one of the most common ways to continue working, especially in the years immediately following retirement – ​​partly because this is when your contacts and knowledge are still fresh, and partly because this is where You can get the highest salary for your effort.

There are many ways in which you can stay involved in your field as a post-retirement worker. When people boomerang back, as an example, they may be excited to choose a new area of ​​the industry they haven’t experienced before. Or they may decide to go retro by offering their skills to organizations that still rely on old-school processes. Falling back to a much lower (and less stressful) level or identifying just one task to perform are also common approaches.

To help you plan an effective retreat in your area, consider these points.

Will you work for a previous employer or manager? While some retirees are reluctant to renew old work relationships, others find it very rewarding to pick up some aspect of their past work life. To smooth the transition, it helps to prepare some ground before you go. But even if you’re returning after a few months or years, you can take advantage of your contacts and institutional knowledge to help you request a return.

Are you planning to work as an employee or contractor? Whether you’re working for a previous employer or with a new organization, you’ll find that it’s sometimes easier for part-timers to get hired as a contractor than it is for an employee. In this scenario, you will be responsible for health insurance and other benefits and will not receive vacation or sick pay. Instead, you’ll expect higher hourly rates and more flexibility in your schedule.

Do you want to reduce your responsibilities? For most boomerang retirees, the answer is a resounding yes. Otherwise why do you retire? With your own goals in mind, consider which fields or professions you enjoy the most, or what tasks you want to conduct – and which you want to skip from the next chapter of your job. .

Will you need more training, or a license? It’s not uncommon to remain silent throughout your work life, especially if you’ve been with an employer for a long time. By becoming an expert in that organization’s processes, you can be very useful to them – but not as useful to organizations that do things differently. Even if you plan to return to a lower capacity, you may find that your value increases as you expand your skills or knowledge.

As you prepare for this option, remember that your reputation, contacts and industry knowledge are the key assets you have to offer. With that in mind, it’s important to stay in touch with people you’ve worked with or met in the course of your work. An updated resume that emphasizes your skills and knowledge will also help sell these points.

When it’s time to talk with potential employers, whether they’re people from your past or new prospects, you’ll need to discuss why you left your job, why you’re returning, and what you’ll be adding.

What if you are not sure whether you want to continue in the same career after retirement? Next week, in the final part of this series, we’ll look at ideas for switching to new areas in this final chapter of the work.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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