Unretirement Project

Retirement Redefined

Portfolio Career: An Alternative to Encore Career

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old time image on a cruise ship gentleman reading newspaper during a portfolio career

Given everything that’s going on right now, it’s possible that individuals might have their primary career on hold while waiting for their employer to bring people back to the workplace. Of course, this could be having an impact on planning for an encore (or second) career. However, there is an alternative. 

A portfolio career is where someone works many part-time jobs instead of one full-time job. For example, an accountant might sell insurance and do tax preparation. Or an HR pro might conduct file audits and help people update their resumes. It’s the idea of having several smaller jobs that a person can work on at the same time. 

I understand that for some, this might not be optimal. But for others, this could be exactly the flexibility you’re looking for. If you’re looking at your current and future work options and thinking a portfolio career might be something worth exploring, here are a few pros and cons to consider. Let me add that, depending on your situation, some of the advantages could be disadvantages (or vice versa). 

Advantages

Decide carefully what projects you want to work on. The plus side of a portfolio career is that you can pick the projects you enjoy and minimize the ones that you don’t. A downside can be that in order to make money you take projects that you don’t like, and they don’t produce your best work. So really spend some time soul searching about the work you want to do and that you feel you’re good at. 

Learn to manage your time well. The purpose of a portfolio career is to provide flexibility, while still making a living and feeling fulfilled. Juggling multiple smaller careers isn’t going to be easy. Losing control over your time can have a detrimental effect on your health and wellbeing. You will need to figure out when you’re going to work and how you’re going to handle last minute requests to work on your day off. Trust me. It will happen. 

Consider a long-term strategy. Another great aspect to a portfolio career is that you could start with 3-4 smaller jobs then transition down to one prior to “officially” retiring. This has the potential to be a very viable way to manage your exit strategy while still accomplishing some of your personal and financial goals. But like all strategies, you have to plan and get the support of your family and friends. 

Disadvantages

Realize that you need to market your services. In order to be successful with a portfolio career, people need to know what you do. It’s possible a person might know you as the person who walks their dog when they’re on vacation, but they don’t know that you can also run errands. It will be important to have a marketing plan in place, so you don’t miss out on opportunities. Oh, and don’t forget that there may be some costs involved.

Think about setting up a home office. There’s a good chance that whatever you’re doing for a portfolio career will involve needing a space. Even if you decide to do house cleaning and handyman services, you’ll want a place to keep your calendar and do invoicing. This can be tough, especially if you’re trying to downsize in retirement. You’ll also want to think about your technology needs including internet. 

Balance risk and reward. Again, remember the goal of your portfolio career. The last thing you want to do is go heavily in debt and not see a return on the investment. Maybe when planning a portfolio career, it makes sense to start small and add as time goes on. For example, maybe your current computer equipment will do, and you can save toward buying better equipment in the future. 

There’s more than one way to transition your career during unretirement. Portfolio careers can allow you to start smaller side gigs while working a full-time job. Then when you’re ready, you can make those side gigs your focus. The key is planning so you have the flexibility to be successful.

Image captured by Sharlyn Lauby somewhere off the coast of the Mexican Riviera 

What We Are UP To – The EDIT Edition

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Iceland address wall art 8 ate the edit edition

Disclosure: Occasionally we receive free products for review or include advertising links in posts, but no one impacts the honesty of our opinions.

I’ve seen a couple of articles lately about “editing” as a result of COVID-19. People who are streamlining and/or eliminating things from their life either because it cost too much, doesn’t bring happiness, or it’s simply no longer necessary. I will say that some of the articles mention “editing” people who are racist, homophobic, misogynistic, xenophobic, or just plain toxic. You know what you want and/or need to edit out of your life. Here are a few things we’re thinking about this month. 

Watching | Hot Ones

> This is a YouTube series where celebrities answer questions while eating spicy chicken wings. It’s oddly fascinating for several reasons. I’m meeting people who I didn’t know were considered celebrities. I’m learning that chicken wings are a more popular food than I thought, and people are very opinionated about them. Finally, I’m learning that people’s tolerance for spicy food varies greatly (given how little they edit out of the show). Honestly, it’s kinda a fun distraction. 

Reading | Sourdough: or, Lois and Her Adventures in the Underground Market

> I couldn’t resist picking this book up since we’re making sourdough starter as a quarantine project. It was a fun quick read about a San Francisco tech employee who is given some sourdough starter and has to figure out how to keep it alive. That’s all I’m telling you about the plot! You’ll have to read the rest for yourself. 

Remembering | The pandemic isn’t over

> It’s very tempting as states reduce restrictions and businesses reopen their doors to think COVID-19 is a thing of the past. Not true. Part of our “edit” has been to find reliable information sources to stay on top of what’s going on. In addition to the Johns Hopkins Coronavirus Resource Center, NPR is Tracking the Pandemic and a group of public health and crisis experts have started a site called “How We Reopen Safely”.  

Feeling | Knowledgeable

> Speaking of Johns Hopkins and COVID-19, we just finished taking a MOOC (massive open online course) about contact tracing. This free course is being offered to help people learn some basic skills because states are planning to hire thousands of contact tracers over the coming months. While we’re not planning to quit our day jobs and become contact tracers, I found the course to be very informative about the virus as well as what contract tracers can/can’t do should one contact me. The class on privacy, confidentiality, and ethics was well worth my time. 

Working On | Organizing the pantry

> Thankfully, we enjoy cooking so being at home hasn’t been too much of an inconvenience. What I do miss is wandering around the grocery store! Loved picking up new and unusual items to try. As stores open up a bit more, we’re feeling more comfortable wandering the aisles and looking for new foods. It also means our pantry is getting full and needs some editing rearranging.  

Planning | A closet edit

> This blog post from “A Well Styled Life” reminded me that I’m due for a closet edit. I made quite a few impulse purchases while we were renting and had our belongings in storage. Now that all of my wardrobe is in the same place, it’s time to be more strategic. I’ll also be dusting off my Cladwell app to see if I can find some new ways to style older pieces. 

Loving | Yaupon Brothers American Tea Co.

> As a small business owner, I love supporting other small local businesses. And I love tea. So, when I found this Central Florida company selling tea from the Yaupon Holly plant, I was intrigued and had to give it a try. The indigenous people of Florida used to roast the leaves then steep them in boiling water for a naturally caffeinated, antioxidant-rich beverage. My favorite was the Florida chai, very smooth and no bitter aftertaste. 

Geeking | Sensor Trash Can

> We splurged on a sensor trash can recently and OMGosh, it’s fabulous! Just pass your hand over the top and the lid automatically opens. After a short countdown cycle, it automatically closes. Need to keep it open longer? Just hit a button and it stays open until you manually close it. Very convenient for home cooks like us. And great for cleanliness!

What’s UP with you? Stay safe!

Image captured by Sharlyn Lauby while exploring the streets of Reykjavik, Iceland

Examining the New Normal After COVID-19

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this is your moment sign in Atlanta implying the new normal

You have probably been reading and hearing the term “new normal” a lot lately. Wikipedia indicates that “new normal” became popular as a business term to describe the financial conditions following the 2007-2008 financial crisis. Today, the term is frequently used to describe the period following the COVID-19 pandemic – specifically, as we emerge from shelter-in-place restrictions. It references the social and economic changes that will impact most of us moving forward.

But what can we expect from this “new normal”?

Clean is the new green – we’ve learned since childhood that cleanliness prevents illness and that message was abundantly clear as COVID-19 spread across the globe. Experts agree that simple precautions such as sneezing and coughing into your elbow, frequent hand washing, and cleaning frequently used surfaces will continue as areas of focus. Consumers may even be even more critical of business cleanliness when they decide which restaurant or hotel to use. Some like immunologist and director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci think this may even be the end of the handshake.

Age in place, but with a little more space – it’s possible that retirees who had been considering downsizing to age in place may be rethinking that strategy in the new normal. Smaller condominiums or apartments which offered a little cost savings may be viewed as undesirable due to density of population in those structures. That also extends to the location, as less populated rural settings are being viewed as more attractive over urban or even suburban settings.

“Economic Darwinism” for some but a rebirth for others – Economic Darwinism is the concept that there will be an economic elimination of antiquated industries. For example, while many have been holding onto their paper magazine or newspaper subscription, that option may be a little closer to extinction. Though digital media also has expense limitations, it is far more cost effective in the new normal. Another casualty may be the buffet restaurant as diners steer clear of exposure to multiple hands. And though the neighborhood multiplex theater may be closed, many areas are seeing new interest in drive-in movies which provide built-in social distancing.

Staying home or the new travel – as sheltering restrictions are lifted, we have the opportunity to venture out. But will we? And, if we do, what will that look like? Cruise lines are still grounded, and most expect to stay that way until late July or August. Rental shares like Airbnb are being overlooked in favor of hotels with more rigorous cleaning protocols. Given all that, many are simply choosing to stay home. In fact, home goods stores are reporting significant growth as homeowners try to fix their place up.

One thing we know for sure right now is that things are changing. And they may change again with the possibility of a second wave of COVID-19 cases in the fall and winter. Fortunately, medical professional are working on treatments and vaccines, but that could take months or even years.

If you are a planner like us, you probably already know that we’re not going back to the way things were. And you might feel a little frustrated by the speed of change as we begin our entrance into the post COVID-19 era. But we can focus on our lessons learned to protect ourselves and our loved ones. It’s a bold New Normal, but we’re up to the task!

Forget Boomers and Get Ready For the Young Old

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Anthony Bourdain quote I don't have to agree with you like the young old or YOLD

I ran across an article in The Economist titled “The Decade of the ‘Young Old’ Begins”. It’s an interesting read worth checking out. “Young Old” – also known as YOLD – is the group of individuals between 65 and 75 years of age. The reason that the group is being called “young old” is because, while their age is in the traditional retirement range, their lifestyles aren’t. 

YOLD individuals are working longer, staying healthier, and represent a significant consumer market. This should not be a surprise to anyone. Regardless of the unemployment rate, organizations need the best talent and YOLD individuals are willing to work a few more years because they want to, and they can save up a few extra dollars. 

There’s research that says remaining in the working world is helping people stay healthier longer. The article cites a study that shows a positive relationship between cognitive abilities and working, which makes sense. And finally, because YOLD people are staying in the workforce longer, they can afford to do some of those things on their bucket list (i.e. spending money on travel).

While this all seems logical, organizations are behind the times when it comes to recognizing YOLD individuals and their value. Here are three areas of focus that businesses should consider:

  1. Ageism. I wish I could wave a magic wand and erase ageism, but I haven’t figured that one out yet. Ageism exists and organizations need to figure out how to create more inclusive workplaces. Not just because it’s the right thing to do. Selfishly, they need the talent and YOLD workers are one of the groups that can bring it. It’s time for companies to realize that inclusionary workforces bring positive results. 
  1. Health Care. Speaking of working longer, if organizations want to enjoy high performance from their employees, then it pays to keep employees healthy – regardless of age. Now, I will admit that some of the responsibility for health falls to the individual – eating right, exercising, and preventative care. But organizations are in a position to make health care affordable. 
  1. Retirement. This is one of the reasons that Keith and I started this blog. Thanks to YOLD, retirement is changing. Yes, at some point, we all will want to stop working and retire. But people want a modern retirement. Since Social Security and Medicare have been enacted, there have been numerous technological and societal changes. Retirement programs need to be updated to reflect the way we live our lives today. 

I understand that YOLD is simply a euphuism. It’s something new and catchy, especially in the wake of “Ok, Boomer.” But YOLD does raise some good points about aging and work, health, and retirement. Not only do businesses need to pay attention but so do individuals. Are you supporting legislators who agree with your YOLD philosophy? Do you support businesses that respect YOLD individuals? And if you’re thinking that you’re so far away from retirement that this doesn’t matter, think again. How does this impact older friends and loved ones?

The time to think about how you want to spend your YOLD years is now. Because you want to spend them your way. 

Loved Ones Must Know Your Health Care Wishes

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wall art heart showing for health care let all you do be done in love

I’m sure that no one wants to read today’s article, but I’m hoping you will. 

This is not an “older person” article. It’s also not a “pandemic” article. It’s also not about having a will – although that’s a good idea. It’s not meant to cause alarm or panic. But if there was ever a time to say to ourselves, “If I got sick, do my family and friends know my health care wishes?” now would be that time. 

I’m saying this a bit tongue in cheek, but when Buzzfeed…you know, Buzzfeed as the source for all of those cutesy quizzes that fill our Facebook page…when Buzzfeed publishes an article titled “The Four Legal Documents that Everyone Needs to Plan for Their Future”, then pay attention. I don’t want to give the whole article away, but here are three of the documents they mention:

A living will is a written statement detailing how you would like your medical and health care treatment to be handled in the event that you’re unable to express it yourself. 

A healthcare proxy is a document that says who can make healthcare decisions on your behalf, when you’re not able to do so. 

A power of attorney is a written authorization for someone to represent you or act on your behalf when it comes to business or financial affairs. 

As you can see, these documents are very inter-related. It might take some time to figure out how you would like your health care treatment handled and who you would like to be your spokesperson. You also have to figure out if the person making the decisions about your medical treatments should be your power of attorney. And then of course, there’s the decision of backups in case your first choice isn’t willing or able to take on this responsibility. 

The point being, the process of putting these documents in place takes time. It’s also recommended to have an attorney create these documents for you, so you have to budget for that. The ideal time to do all of this is when you’re not under the pressure of having to do it. This requires careful consideration.

I’ve probably mentioned this before, but my father-in-law was the ultimate planner when it came to his health care and final wishes. He talked to us for years about it. When his health started to decline, we all knew his wishes and there were no questions. There were no squabbles amongst family members about decisions. Everyone was focused on the same things. 

As a result of COVID-19, I have a few friends who have already begun conversations with their children about their medical wishes should they become ill. I realize that no one wants to do this. But it can be a big relief to everyone to have these health care conversations and draw up these documents so there’s no confusion about what to do and who will be in charge of decision making. 

Image captured by Sharlyn Lauby while exploring the streets of Gainesville, FL

Retirement Planning Bot: A Unique Solution for Unique Times

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wall art bot representing a retirement planning bot

We’ve all seen the terms recently – unique, unprecedented, even surreal or seismic. Whatever you call these pandemic times, most of us can agree that they often require equally anomalous ways of dealing with them. Depending on how close you are to retirement, that could apply to your retirement planning too.

I was excited to see that Michelle Singletary, personal finance columnist for The Washington Post, has introduced a retirement planning bot to “see us through the coronavirus pandemic and beyond”.

If you aren’t familiar with bots, they are software applications which are programmed to complete certain tasks. In this case, the bot collects information about your financial situation and retirement plans and makes recommendations relative to both. I had the opportunity to run through the bot program and see first-hand some of their suggestions.

The good news is that this is all completely anonymous. While they ask specific questions about your finances, they don’t know who you are, and they don’t save any of your information. Along the way, you can hear advice and commentary recorded by Michelle. I’ll be candid: I didn’t always find them helpful, but I thought they were good reminders and could offer a little effective guidance, particularly for some people who may be early in their planning.

On the downside, the program doesn’t factor whether you’re planning as an individual or a couple. That can make a huge difference when they ask for retirement or bank account balances and earnings. The bot also doesn’t ask your expected retirement age. It just makes the assumption that you will retire as soon as you reach the age for full Social Security benefits.

The best thing about this particular retirement planning bot is that it provided a step-by-step guide with as much hand holding as you can expect from a robot program. And there is a little encouragement along the way provided you are doing something to fund your retirement. They even have some FAQs at the end.

A couple important things to focus on:

  1. This is not a replacement for your professional financial advisor. A single source of information is rarely enough for something as important as retirement planning.
  1. You may not agree with the assessment of your financial situation and your retirement plans. That’s okay. It doesn’t mean you are doing a bad job of funding your retirement.

I think the best way to view this tool can be found in their own description:

“We may not be able to capture everything about your financial situation, but it’s a place to start”.

Many people are very concerned about their financial situation right now regardless of when they plan to retire. This retirement planning bot may help relieve some of the stress as you think of future plans. Who knows? You may just be better off than you think. And, if not, you could get some ideas on how to get back on track.

Image captured by Sharlyn Lauby while exploring the streets of Fort Lauderdale, FL

Job Seekers: The 7 Skills You Need For Your Search

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job seekers skills for new job

Job security is on people’s minds today. We’re all seeing the same news about unemployment rates at historic highs. Whether you’re one of the job seekers currently looking for a new opportunity or not, it does make sense to always be thinking about your career and what options you have. 

One of the most important aspects to consider is how you would go about a job search. Let me dish out some tough love here . . . a job search in today’s technology driven world may require a unique approach. Here are a few skills for job seekers to consider:

  1. Goal Management. Careers are about goals. It might be to work for a certain company or in a specific field. You could have a goal to achieve a particular job title (like vice president). We also have career goals surrounding compensation, benefits, and perks. Or maybe the goal is to learn something like “graduate from the Culinary Institute of America” (also known as the CIA). Once we achieve one career goal, then we set another one. 
  1. Organization. We achieve our goals through planning and preparation. It’s possible that, to achieve some of the goals mentioned in #1 (goal management), job seekers need to save money, schedule time off from work, or take some classes. This could involve doing some research. For example, if one of your goals is to obtain HR certification, then you might need to research the requirements, ask your boss for reimbursements, schedule time to study, etc. All of this takes organization. 
  1. Prioritization. I wish I could say that once we set a goal, that’s it. But it’s simply not true. Fortunately, and unfortunately, we have other opportunities present themselves. Some of them won’t sway us from our goals. Others could be so tempting that we need to evaluate them alongside our existing goals. Understanding priorities is incredibly important in figuring out which path to pursue. No one wants to miss out on a once in a lifetime opportunity because they didn’t have their priorities established.
  1. Networking. Speaking of opportunities, you’re not going to get them if you don’t network. I know virtual networking can be hard, but job seekers have to find ways to stay connected. It’s one of the big pluses of social media. Having a network is critical for career development. Your network can help you find new job opportunities. It can also serve as an informal board of advisors. So, being able to build positive trusting relationships is the cornerstone of your future career.
  1. Curiosity. It’s possible that we will miss out on building relationships with interesting people and being a part of exiting opportunities if we’re not curious. I totally agree that there’s no rule that says we must say “yes” to every request but listening can be very beneficial. It can present us with options we never thought of AND it can confirm that the goals we’re currently pursing are the right ones. Understanding our priorities (see #2) can help job seekers constantly re-evaluate the new options being presented.
  1. Risk-Awareness. At first, I had labeled this paragraph Risk-Aversion, but then I changed it. Because it’s not always about taking fewer risks. Sometimes our careers will require us to make bold moves – maybe a relocation or an extra assignment. It’s about understanding the risks associated with the decision and being okay with them. It could also involve having a Plan B (see #1 – goal management) available in case you have to make a change in plans.
  1. Communication. Of course, you knew communication had to be on the list, which is why I made it last. All of the skills we’ve discussed involve having excellent communication skills – both verbal and written. You might want to journal your goals to remain focused. Or chat with a family member or mentor about the risk and rewards associated with a new opportunity. Either way, being able to communicate clearly AND being able to truly listen to feedback and guidance from others will be valuable.

While this list of skills might impress an employer during an interview, that’s really not what it’s for. It’s designed to be a reminder that, whether you’re currently an employee or one of the job seekers, you need to have some ownership of your search. And these are the skills that will help you be good at it.