<p>Mandatory retirement is quickly becoming as archaic as the dinosaur. With many people now retiring in their 50s -- they can have 25 or more years of life and living expenses in their future.<br>
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"A key mistake many retirees make in their financial planning is thinking their cost of living will decrease dramatically," said Diane McDonald, the author of <i>Personal Finance: Tools for Decision Making.</i> "Retirement is never as cheap as people expect. People need to make 80% of their working salary to afford their retired lifestyle, and medical expenses such as insurance premiums, non-covered medical care, and prescription drug costs often eat away at savings."<br>
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A recent survey of employees nearing retirement age, conducted by the Employee Benefit Research Institute, stated more than two-thirds of workers intended to work for pay after they retire.<br>
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A Business Week survey of people hitting retirement age revealed that 67% of those polled said they wanted to work but sought positions with:<br>
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<ul>
<li>lower stress<br>
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<li>flexible hours<br>
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<li>greater enjoyment and satisfaction from performing the work<br>
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<li>the feeling of making a difference<br>
</li>
</ul>
<p><b>Try a New Career</b><br>
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"Retirement's not all it's cracked up to be," said former school secretary Jo Madison. "You get bored and need something to look forward to. Mindless days and going to bingo isn't my idea of living at 55. I want to do things that matter."<br>
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Paul, a high-powered senior executive said this about his retirement from a Fortune 500 company, "I quickly wanted a job again. I missed people and the challenge, but I also wanted a schedule that was flexible, so I could travel." His solution was part time consulting. "It keeps my mind sharp and allows me to have my cake and eat it too," he said.<br>
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A growing trend among the newly retired reveals that many may leave their old company or career behind, and begin a new career seeking to indulge a passionate interest, or hobby. Part time work seems particularly appealing for many retirees. Some select interesting non-paid volunteer work, but many want paid positions. They want to add value to society and help others, and to feel vital.<br>
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The new retirement is a time to indulge whims. Do something just for fun. A hobby you turn into a business. An interest in painting or music might lead you to employment in a museum, or you might become a church choir director. The only criterion for your new job is that you enjoy it!<br>
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<b>So what about age discrimination?</b><br>
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Times are quickly changing as employers realize that older baby boomers are much more productive, reliable, and harder working than their twenty-something counterpart. "The work ethic of the 23 year old seems to revolve around doing only what they feel like," says HR Director Teresa Brown. "They are a whiz on the computer, but we are finding they do half the amount of work the 50-something worker accomplishes in the same day."<br>
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When you demonstrate accomplishments in resumes and during interviews, are enthusiastic and ready to work, age becomes a non-factor. Reliability also seems to be a concern, so stress to employers that you have no family complications to interfere with your dependability or work schedule.<br>
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A word of caution -- first impressions do matter. Get a modern hairstyle, and perhaps consider coloring your hair. Wear contemporary professional clothes that fit well, and choose flattering colors. And smile! People who act like assets -- not tired, burned out, dead-weight job-seekers in need of cash -- will be most likely to land interesting jobs, no matter how old they are.<br>
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