Second career after retirement

Second career after retirement


Second career after retirement

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Longer life spans, concerns about outliving retirement savings and a desire to stay productive are inducing more and more people nearing or in retirement to launch second careers.


Make the right choices

Your second career may be wildly different from your first, or it may be a variation on your previous career. Here are some tips to help you make the right career choice.

  • Take stock of your skills and interests to see how well they’ll translate into a new career. Make use of the many career aptitude tests available online to help you do this. Ask yourself, “Am I made for this? Do I have the time?”
  • Take time to find out what the job actually entails so you can make an informed decision. Ask yourself, “What does it take to be successful? How hard is it to break into the field? What about the competition? Will you make money? What do I want for the future of my business?” (People who retire at 65 still have approximately 20 years ahead of them.)
  • Reach out to friends, family and social networking tools such as LinkedIn or Facebook; you may be surprised to find someone who can support or provide valuable insight into your intended career.
  • You may be able to utilise your previous work and life experience in your second career or you may require additional training. Depending on your goals, computer-training programs, writing workshops or art classes might help put you on the right path.
  • Evaluate your finances. After reaching a certain point in your current career, it may be difficult to take the pay cut necessary to start over in a new line of work. Ask yourself “How much will I need to start my business? Where can I find the money? What will financiers need from me? What risks am I faced with? How will I manage the risks? How will I avoid failure?”

“If you do work that you love, and the work fulfils you, the rest will come” (Oprah Winfrey).

Sources

money.usnews.com
www.55places.com
www.galileocapital.co.za
Zulu Thabani. 2010. Risk and reward. Tafelberg, Cape Town

(Revised by M van Deventer)

2017-08-31T19:44:04+00:00