Are you thinking of delaying your retirement plans, in the wake of all the startling financial news we're hearing? Or of going back to work, having already left your full-time work role? You're not alone.
The Wall Street Journal article by Kelly Greene on 9/22 (Baby Boomers Delay Retirement)reports the amount of the value of savings employed people over age 55 have for retirement, based on a survey of 1300 conducted in January of 2008. Only 23% of people in that demographic have more than $250,000 saved and invested. Now, it's likely to be even fewer. And that's not nearly enough money to keep us happy for the three-plus decades we're destined to live.
But, take heart. Research (scroll down to Question 3 at this link) suggests that we live mentally and physically healthier lives when we work, at least part-time, rather than spending "retirement" doing purely recreational activities. The Health and Retirement Study Data by James and Spiro from 2007 found that among 63-73 year old people who work part to full time, their depression scores are significantly lower than those who are retired.
According to anUrban Institute web-based article, "Job Market for Aging Boomers Will Favor Brains Over Brawn," those who've had education and experience will fare better in keeping their jobs, perhaps on a part-time basis, if they so desire. They're also more apt to find new work, based on their expertise, rather than having to go to menial jobs that pay considerably less than what they were accustomed to.
These are the fields that likely will want to retain the expertise of the 55+ workers:
The fastest-growing area, the Urban Institute article suggests, is for personal and home care aides, a profession that relies less on prior experience or long years of training. If you're moving/ have moved to a retirement community and want to ensure you'll have some supplemental income, this is a field to explore. More information about this topic is forthcoming when I review the book by Allyn Freeman and Robert Gorman called Reworking Retirement: A Practical Guide for Retirees Returning to the Workplace.
Well, it's good to know that we live happier and healthier when we work...especially considering the state of the economy right now!
Also, there's one company who's out there to help us enjoy our golden years!
AARP is a great source of services and information that can be beneficial to the quality of life. What's great about AARP is that a membership comes with prescription and travel discounts!
AARP has teamed up with talk show host, Cristina Saralegui and made a fun, customizable video and you're just a click away from being the next guest on Amigos Live! Check out http://www.upclosewithcristina.com/video to learn more and make your own video!
Also, you can enter to win an all inclusive trip for 2 to Miami while you're checking out the site! (And even if you don't win, there's still those great travel discounts that come with the membership!)
Definitely check out AARP for yourself or a loved one. There are really are some great benefits to joining!
I hope it's alright that I commented on your blog -- wanted to let you know about the fun video with Cristina and AARP's great benefits. If you have any further questions, please don't hesitate to email me.
Thanks!
Isabella Coldivar
AARP Ambassador
isabellaAARP@gmail.com
Posted by: Isabella Coldivar | October 27, 2008 at 02:35 PM
Yes, indeed, Isabella, I was just on the AARP website and there are many useful articles about work/ careers for people over age 50. There's a wealth of information now in the media about our field. So good that people are talking about it. Thanks for reading and contributing.
Posted by: Karma Kitaj | October 27, 2008 at 02:55 PM
I'm glad you find AARP useful, Karma! Let me know if I can be of any assistance! And keep up the great blog!
Isabella
Posted by: Isabella Coldivar | October 28, 2008 at 02:19 PM