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I am getting ready to retire, but want to work another job after I do so. What are some suggestions?

If you’re getting ready to retire and planning a second career, the following tips will help you.

  • "Avoid using an old-looking resume", says Deborah Russell of AARP, "by using language that shows you’re flexible, eager to learn, have new ideas, and can work in a team environment."
  • Understand tax laws that govern your IRA or qualified retirement plan distributions.
  • You may want to review your estate plan to find strategies for reducing taxes as extra income may subject you to a higher tax rate.
  • Life insurance and long-term care insurance may help protect your income flow once you start working.
  • If you’re planning to retire early, make sure you have enough money to maintain your lifestyle. This includes financing any education you need for your second career, capital to start a new business, and activities you want to pursue.
  • "Build your technology skills - they will make or break opportunities for older workers. There is virtually no place you can go to work and not use a computer," says Deborah Russell of AARP.
  • Analyze your geographic area. Is there a market for what you want to do?
  • If you decide to relocate, consider the climate and the tax structure of the state.
  • Talk to people working in the second career you’re considering. Learn the challenges, rewards, and cost-to-benefit ratio.
  • Understand your financial picture and how a second career may affect it. If you’re younger than 70, earned income could cost you some of your Social Security benefits. Check with your local Social Security office.



Source: King, E. (1999, March/April) Tips for planning a second career in retirement. The Correspondent, 97, 14.




Written by:
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension

Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension










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Last update: Monday, July 28, 2008




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