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A Career Coach Can Help You Find Your Encore Career

September 20, 2017 by Sharlyn Lauby 4 Comments

One of the great things about unretirement is that you don’t have to go it alone. For example, there are dozens of retirement-related blogs that you can read for inspiration and information. There are also professionals who can help you.

career coach, career, encore career, coach, Hannah Morgan, career sherpa

Let’s say you’re considering an encore career in your unretirement but aren’t sure yet what you’d like to do. Do you want to be a consultant? A writer? Or maybe just take a part-time job as a barista at Starbucks? All of those options are possible. But realistically, the decision could be tough. If you’d like help making decisions about your encore career, consider getting a career coach.

To understand more about what career coaches do, I reached out to Hannah Morgan (aka Career Sherpa). She is a nationally recognized career coach and author of the book, “The Infographic Resume”. I’ve had the opportunity to work with Hannah over at HR Bartender. Her suggestions on “What to do if You’re Stuck in a Dead-End Job” are worth a read.

Hannah, first of all, briefly describe what a career coach does? I could see someone saying “I’m already employed. What do I need a career coach for?”

hannah morgan, career sherpa, career coach, career, coach[Morgan] There are times in your life when need expert advice. Let’s say you wanted recommendations on what to do with your financial investments. Would you get advice from a friend or would you consult with a financial planner? You might do both, but you would probably rely on the recommendations of someone who manages investments for a living. This is why tapping into the expertise of a career coach is so valuable.

A career coach is someone who has expertise in helping people evaluate career options, not just find jobs. A career coach regularly consults with clients on career decision making issues from identifying the right opportunities to planning future career moves. A coach can help you see alternatives and is qualified to help map out a solution that’s right for you.

Many workers are considering a new second career (also known as an encore career) as they get older. How should a person decide if an encore career is for them?

[Morgan] When deciding what you will do for your encore career, there are many things to consider:

  • What are you interested in (or passionate about)?
  • What skills do you enjoy using?
  • What is the market demand for those skills?
  • How much do you want to work? And,
  • What are your income requirements?

For the first time in your life, you have the opportunity to choose a career move that will serve your wants and needs. As you can see, identifying what you may want to do as an encore career is a complicated decision and one you will need assistance evaluating.

Is it better to have an encore career in a field related to your current profession? Why or why not?

[Morgan] If you loved the work you did in your last role and love the industry, then it would make sense to stay within it, perhaps as a consultant or working as an advisor. However, if you are no longer excited by the type of work you are doing, you may want to tap into your outside interests for ideas which would provide options for an encore career.

Sometimes collecting a big fat paycheck isn’t the main driver- people may just want something to keep busy. Taking a retail job, seasonal work or even tapping into the sharing economy, with Airbnb, Uber or Lyft provide social and mental stimulation.

Whatever direction you go in, you should be interested and engaged in the work. Breaking into an encore career may require assistance to help you define what is most important to you during this point in your career and can take effort. A career coach can help you identify opportunities that meet your needs.

I assume pursuing an encore career takes time. How long should people expect to prepare for an encore career?

[Morgan] Finding encore opportunities is going to be challenging. You may have to invent the position or start your own business in order to get what you are looking for. This will take time. How much time will depend on factors like the viability of your idea, your messaging and announcement, and the strength of your network.

Before you do anything, you also want to speak with your accountant and financial advisor about social security regulations and access to investments in your 401(k) or pension. You don’t want to be penalized by the Internal Revenue Service (IRS) for making too much or early withdrawal of funds.

Is applying for an encore career job the same as applying for a regular, full-time job now? How should a candidate explain they are transitioning to their encore career?

[Morgan] You can’t go to Indeed or any job board and find a listing of encore careers. Well, not at this time. Your encore career may be an existing role within an organization. You might be able to slip into an existing role if you have the right connections. But a question that any interviewer wants to know is whether or not you’ll stick around for a couple of years. It is your responsibility to anticipate this question and proactively address why you are looking for an encore career.

Your explanation should include your motivation or why you want to make the transition into a new role at this point in your career. You also need to convince the interviewer that you are dedicated to this new career path, so explain why you are pursuing that company and that type of job.

A HUGE thanks to Hannah for sharing her expertise. If you want to learn more, follow Hannah on Twitter and read her blog.

Encore careers can be an exciting and fulfilling part of unretirement. But deciding what your encore career will be could take some time. And some planning. Using a career coach could help you focus on your goals so you make the right decision.

Image captured by Sharlyn Lauby somewhere in her South Florida offices.

Filed Under: Careers, Money, Retirement Life Tagged With: career, retirement life

What We’re UP To – August 2017

August 30, 2017 by Sharlyn Lauby Leave a Comment

August, UP, departures, flights, travel, retirement, unretirement

 

Watching | Solar Eclipse

> Did you see it?! Keith and I were out there in the middle of August with our NASA approved eclipse shades on. South Florida didn’t have a total blackout, but it was still amazing. I saw a headline that the solar eclipse cost the U.S. $700M in lost productivity. But with the next one quite a few years away…hopefully people took a few moments to enjoy.

Reading | WTFJHT

> It’s an acronym for “What the F*** Just Happened Today”. Matt Kiser started an electronic newsletter about the shock and awe of today’s politics. It’s become very successful and turned into a full-time occupation for him. It can be a daunting task to sift through today’s news. Matt does a great job of curating the headlines.

Working On | Cleaning Out Old Photos

> Both hard copy and digital images. First, I plan to review all my digital images and get rid of the slightly blurry and crooked ones that we’re never going to show anyone. Then, my next goal will be to decide what hard copy images should be transferred to digital. If you know of a great company for converting photos to digital, leave a note in the comments!

Feeling | Ready

> I’ve just spent a couple of days working on air travel, hotel reservations, and shuttle trips. Fall conference season is coming. It will be fun. I always learn a lot. (And getting to see the autumn foliage is fabulous!)

Planning | Specifically, Estate Planning

> We already have wills, etc. But I’ve seen quite a few articles recently about the importance of estate planning. One of them was Next Avenue’s “The Biggest Estate Planning Mistake People Make”. It’s made us realize that regularly reviewing our existing plans is important. Estate planning isn’t a one and done activity.

Loving | Cold-Brew Coffee

> I gave up drinking coffee in the morning a few years ago. Coffee decided it just didn’t like me anymore. But this August I’ve tried a couple of Starbuck’s new cold-brew coffees and really like them. So much so, that we’re attempting to make our own cold-brew at home.

Geeking | New iMac Computer

> I finally made the switch. I love my iPhone, iPad, and Apple Watch. But I’ve been a holdout when it comes to my desktop computer. No more. I’ve converted to an iMac. It does take a little getting used to, but I’m getting the hang of it. Once my file conversion is complete, Keith says he’s going to be next. Wish us luck!

What’s UP with you?

Filed Under: Fun, Home and Lifestyle, Law and Legal, Money, Retirement Life Tagged With: money, retirement life

What Does Delaying Retirement Mean for You

July 12, 2017 by Sharlyn Lauby Leave a Comment

My father-in-law retired at age 55. He then spent over 35 years enjoying his retirement life by playing golf, tending to his gladiolas, and eating pork chops with potato chips. He could do this because he planned and saved for retirement.

Today, many people won’t be able to enjoy the same kind of retirement my father-in-law had. In fact, I’m certain that I won’t have the same kind of retired life he did. For some, the Great Recession dwindled – or eliminated – retirement savings. And the current discussions about changes to Social Security and Medicare…well, are making folks nervous.

retirement, delay, work, unretirement, retirement life, gig economy

That’s why I was particularly interested when I ran across this report from The Conference Board titled “Delaying Retirement” [PDF]. While the report is a few years old, I don’t know that the dynamics have changed much. And the report does offer some perspective about the extent that the Great Recession impacted families and their post-work savings.

For example, the report says that households’ net worth dropped from $66 trillion during the peak of the recession in 2007 to $48.5 trillion in 2009. That’s a pretty big chunk of change. Which explains why parents moved in with their adult kids and started rethinking when and how they plan to retire.

From a work perspective, the decisions being made to delay retirement are giving companies a little bit of a reprieve. Several years ago, HR pros were all running around like Chicken Little talking about the Boomers retiring and the impending labor shortage. Now Boomers are delaying and redefining retirement. So, the sky isn’t falling…yet.

But make no mistake, all of the Boomers will retire at some point. Some are already retired and others are making plans right now. They’re figuring out what the new normal is for their retired life. They’re getting comfortable with the changes they need to make in both their personal and professional lives.

While I initially read The Conference Board report as a human resources professional with the need to develop a workforce plan, I’m now looking at this retirement data differently – from the perspective of a person considering retirement. What lessons can I learn? You can grab a copy of the report here [PDF]. It’s well worth your time to understand the retirement dynamic and how it will potentially impact you.

Image captured by Sharlyn Lauby at the Neon Sign Graveyard in Las Vegas, NV

Filed Under: Careers, Money, Retirement Life Tagged With: career, gig economy, retirement life

Bookmark This! #myRA Retirement Edition

April 26, 2017 by Sharlyn Lauby Leave a Comment

retirement, unretirement, savings, social security, financial planner

There’s a well-worn statistic from Pew Research that says roughly 10,000 Boomers will turn of retirement age every day for the next decade. That translates into a lot of people planning for their retirement (and unretirement).

One specific component of retirement that comes up frequently is finances. Many articles have been published about Boomers not having enough savings for when they retire. In fact, I recently ran across the term “Threshold Generation” to describe individuals nearing retirement who saw their savings disappear during the Great Recession, hence being on the threshold of retirement. According to a study from the Employee Benefit Research Institute (EBRI), only 18 percent of people are confident they have enough in savings for a comfortable retirement.

Back in 2015, the U.S. Treasury launched myRA, a retirement savings account for employees who don’t have access to a savings plan at work or have not found an easy way to start saving, such as part-time and seasonal employees. They found that among workers who do not participate in a 401(k) or other defined contribution plan, 42 percent say it’s because their employer does not offer one. Furthermore, a 2015 BLS Economic Release found that 62 percent of part-time workers don’t have access to a savings plan at work for when they retire.

When the program was introduced, U.S. Treasury Secretary Jacob J. Lew made this statement, “myRA is designed to remove common barriers to saving, and give people an easy way to get started. myRA has no fees, no risk of losing money and no minimum balance or contribution requirements. To make saving easier than ever, you can now put savings into myRA directly from your bank account.” 

I’m not a certified financial planner. So, I can’t tell anyone how to save and invest their money. But I do know that if individuals are unable to care for themselves financially, it will have an impact on their lives and their work. Becoming financially literate is essential.

If you’re looking for retirement resources, a friend recommended to me Retirement Security SmartBrief. It’s a curated collection of articles about preparing to retire. I’ve found it to be interesting and very diverse in thought. Just in case you want to check it out.

Image captured by Sharlyn Lauby off the coast of Miami, FL

Filed Under: Money Tagged With: financial planning, retirement

6 Reasons You Should Embrace #Unretirement

April 5, 2017 by Sharlyn Lauby 4 Comments

Over on my other blog, HR Bartender, I recently wrote about the reasons that human resources professionals should embrace the concept of unretirement. But it occurred to me as I was writing the post that individuals looking at their future might not be totally convinced that the concept of unretirement is right for them.

unretirement, retirement, power, freelance, freedom, choice

So, I came up with a list of reasons that someone might use to decide if they should think about unretirement as an option.

  1. You like working. According to Gallup, 2 out of 3 employees are disengaged. We spend so much time focused on the disengaged statistic that we forget 1 out of 3 ARE engaged. There are plenty of people in this world that their passion is their work. There’s nothing wrong with that. Maybe at some point, those engaged employees will simply want to work less. And organizations will be thrilled to retain their expertise.
  1. You want to finally do your dream job. While I understand that I just finished talking about employees who are happy with their jobs, let’s face it, some of us like our professions and we’re good at them, but it’s not our dream job. Unretirement allows us to get the education we want to pursue our encore career.
  1. You want to make a little extra money. Regardless of how much money you have and what’s going on with Social Security and Medicare, we have to think about living on a budget. Which means that having the ability to make a little extra money might be attractive. Maybe it’s for a trip you’ve always wanted to take. Or a little splurge – like shoes and handbags.
  1. You’re ready to give back. When we’re busy climbing the corporate ladder and raising children, volunteering can move lower on the priority list. Now it’s time. It could be mentoring someone in your industry or volunteering to be an usher at your local theatre. The point is, that carving out time to give back to the community that supported you is important.
  1. You want to learn something new. If you aren’t looking for an encore career, you might want to take up a new hobby. It might be to play an instrument or learn a language or take up crocheting. Maybe there’s something that’s been on your ‘to-do’ list for a long time and you want to make it happen.
  1. You want to pass along your knowledge and skills. This kinda goes along with #4 about giving back. Whether that’s coaching someone inside the company you work for or by sharing your experiences writing a blog/book, unretirement allows you to do those things.

Unretirement says that there’s no pre-determined age restrictions on living life. Of course, there are government retirement-related programs and you’ll want to understand how those work. That doesn’t mean that life stops. However, unretirement takes planning both in terms of figuring out what you want the future to look like and designing a road map to get there.

Image captured by Keith Lauby on the streets of San Francisco, CA

Filed Under: Careers, Money, Retirement Life, Volunteerism Tagged With: gig economy, unretirement

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