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Elevate Credit Union
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Elevate Credit Union
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What Unretirement Means to You

What Unretirement Means for You

 

younger man helping older happy man at the gym

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

 

a group of professionals with an unretired woman leading the group

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

  • New small businesses are forming by people between the ages of 55 and 64 who work at home or use work-sharing spaces.
  • Employment agencies created by retirees, for retirees.
  • Companies recognizing that retirees have a lot of knowledge and skills and are prime candidates 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.

 

A man in a woodshop with a restored antique chair

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 retirees report working, according to a report by Merrill Lynch:

  • A desire to achieve more. Sixteen percent of retirees feel ready to tackle more significant 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.
  • Because work is enjoyable, while they may need the money, 24% say they are happier when they are working.
  • It keeps them sharp and active. Many retirees report that working helps them to be mentally and physically healthier.

Whatever your plans are for the future, Elevate Credit Union is here for you. We have many services available to help you with your projects, ideas, and new adventures.