Written by the Own Your Destiny Team
For many people, retirement isn’t an option. Many need to keep working to support their quality of life, help children and grandchildren, or pay off debt. Still others can’t imagine spending the next 20 or more years without some kind of career. These individuals often find that an encore career offers exactly what they need.
Is an Encore Career Right for You?
Encore or second careers give older adults an opportunity to pursue their passions, to give back to the community, and to achieve financial goals. Many professionals go on to direct nonprofits, to write, to teach, or to consult when their primary careers end. The work gives them a sense of purpose, staves off chronic illness, and supports mental wellbeing. The extra income doesn’t hurt either.
If you find yourself daydreaming about missed opportunities, needing a source of income in retirement, or wanting to do more when you leave your primary job, an encore career might be right for you. Whether you start your own business or transition to another organization, a secondary career can set you up for continued financial success.
Look Before You Leap
Before you start the journey to an encore career, build a strategy. Financial literacy will come in handy as you calculate the cash flow and expenses you can expect from your new venture. If you work with another organization, you may have access to better health insurance and other benefits. If you start a new business, you will face responsibility for business operations and finances.
Anyone considering an encore career may benefit from the services of a money coach, who can provide valuable insights into the risks and rewards of certain encore careers. Those interested in a second career to compensate for debt may want to consider debt counseling services to gauge their career needs. Your goals, financial needs, and capabilities will determine when and how you approach an encore career. Start planning well before retirement to develop a successful transition strategy.
Transitioning to an Encore Career
As you set your encore career plan into motion, keep these 3 tips in mind:
- Networking matters. You cannot forget about networking, even in your encore career. Volunteer, build relationships with future clients/employers, and showcase your skillset whenever possible.
- Budget accordingly. Second careers sometimes take time to become profitable. Those who are financially literate know how to plan for inevitable risks and successes. Partner with a financial coach who can help you budget for career success.
- Education will set you apart. Experience, education, and insight sets encore career professionals apart from their younger counterparts. Attend helpful classes at a local college or university to gain a competitive edge.
An encore career can serve as a great way to earn extra money and fulfill your passions. Strategically approach your next career to set yourself up for success in your golden years.