What Unretirement Means for You

Today's baby boomers are unretiring. The result is an aging workforce that is bringing on a societal shift in America. This generation:

• Is healthier and more educated than their counterparts in any previous generation
• Craves the socialization that comes from working
• Considers the skills, knowledge, and experience they've gained as a big part of who they are

Here's what you'll be seeing, today and in the near future:

• New small businesses being formed by people between the ages of 55 and 64 who work at home or use work-sharing spaces
• Employment agencies formed by retirees, for retirees
• Companies recognizing that retirees have a lot of knowledge and skills and can be tapped as consultants
• Pre-retirees thinking about "what do I want to do next," rather than about retiring to a life of leisure.
• Phased retirement programs created by companies that view retirement as a long-term event rather than an end-date
• Millennials and Gen Xers knowing that they have time to pursue more than one, or even more than two, career paths

If you're considering an encore career, think about what you want to get out of your new profession. Here are some of the reasons that retirees report working, according to a report by a national retirement firm:

• A desire to achieve more. Sixteen percent of retirees feel ready to tackle bigger projects, such as opening their own business.
• They want to give back. Of these working retirees, 33% want to pursue charitable work or humanitarian causes they care passionately about.
• Because work is enjoyable. While they may need the money, 24% say they are simply happier when they are working
• It keeps them sharp and active. Many report that working keeps them mentally and physically healthier.

If you need help sorting through your retirement-plan options, consult with a certified financial counselor at Alive Credit Union. We can find a successful strategy for you and recommend retirement products that can protect your investment.