What’s next? Considerations for your second act

Many people see their careers as one of their defining characteristics.

Children are often asked what they want to be when they grow up, and as adults they will likely be asked “What do you do for a living?” more times than they can remember.

Work is undoubtedly a major component of life for most people from the time they leave school to the day when they retire.

A high cost of living and advancements in medicine that have contributed to longer life expectancies would seemingly compel individuals to work longer, but data indicates the average professional is retiring shortly after turning 60. Data from the 2024 MassMutual Retirement Happiness Study indicates that the average retirement age among American retirees is 62. That’s in spite of the fact that pre-retirees and retirees who participated in the study indicated that 63 is the ideal retirement age.

And a growing number of adults value work so much that they pivot to second careers. A phenomenon known as “unretirement” occurs when people who have previously retired return to the workforce.

A 2010 paper published in the Journal of Human Resources found nearly 50% of retirees followed a nontraditional retirement path that involved partial retirement or unretirement.

According to a recent Retirement Saving & Spending Study from T. Rowe Price, around 20% of retirees are working either full- or part-time, while 7% of study respondents are looking for employment. Some people return to work for financial reasons while others seek the social and emotional benefits employment can bring. But individuals mulling a return to work or those currently working but trying to determine a second act should not feel beholden to previous career paths. A second trip around the employment block can involve an entirely different line of work.

Following are some things to look for in a second act:

• Flexibility: Choose a career path that enables you to set your own schedule or possibly work part-time if that is your preference. This way you can still reap some of the benefits of retirement, including the flexibility to travel.

• Social interaction: Adults may lose daily opportunities to be social when they retire, which can compound feelings of isolation common among retirees. Consider a second career that lets you interact with a number of people and continue to build relationships and a good network.

• Personal passions: Reflect on what you might do for work if money were no object. This may help you narrow down new opportunities that are in line with your interests and passions. Find a job that utilizes your skills and experience and meshes with your interests. A former graphic artist, for example, may decide to teach design to young people.

• Nonprofit opportunities: Many retirees spent years in high-stress corporate environments where bottom lines may be more important than the bigger picture. Shifting to a career in the nonprofit sector can be a personally fulfilling job that utilizes skills learned in the corporate world.

• Consulting or contract work: If you’re a retiree who loved your job, you might want to have a second career as a consultant or contractor in the same field.

— Metro Editorial Services