You see them everywhere. In supermarkets, in big-box hardware stores, at ballparks. They are the once-retired who have returned to work.
Some work from home as consultants or have found employment as insurance salespeople, proofreaders or financial managers.
At the top are executives who believed they wanted to retire at 55 but returned to the C-suite because they missed the challenge of leading a team.
A Boom of Unretiring Boomers
Just four years ago, during the pandemic, older workers began leaving the workforce in large numbers. According to the Bureau of Labor Statistics, more adults aged 65 and older left the work force in 2020 than any year since 1948, when the U.S. began tracking the data.
Many of those who left the during the early part of the pandemic have “unretired” since then — more than half, according to a paper by T. Rowe Price Thought Leadership Director Judith Ward, a Certified Financial Planner. Of the 2.4 million additional people who retired in 2020, 1.5 million had “unretired” by March 2022.
These numbers are part of a growing trend of older workers who retire — not always by choice — and then decide to return to work seeking income or mental stimulation or both.
Approximately 19% of Americans aged 65 and older are employed today, according to the Pew Research Center, compared with just 11% in 1987. Yet, in the early 1960s, the share of those working was similar to today at 18%.
Where Are You Going?
Support from a spouse, friends, former colleagues, a support group or a career reinvention coach can help. Consider Steve Robinson, who spent the first 30 years of his working life with the same company. Beginning as a sales representative, he ultimately rose to be its president in 2016.
But the culture of the company changed, and so did Robinson. “I really wanted out,” Robinson, now 66, recalled. “I thought I was marketable in my industry. It turned out I wasn’t. I floundered for about a year, got my real estate license. I was lost. I didn’t know what to do.”
That year he turned 60. In addition, the payout of shares he had in the company took much longer — seven years — than expected.
For Robinson, his path to an “encore career” was fraught with trial and error. Ultimately, career reinvention coach John Tarnoff, author of the book, “Boomer Reinvention: How to Create Your Dream Career Over 50,” helped him get on track.
“It was pivotal,” Robinson said. “What he taught me was to figure out who I was and what I wanted to do, then re-purpose my LinkedIn page.”
What Is Important to You?
Robinson, like others who find themselves retired before they feel ready, had to determine what was important to him in his 60s. He realized “it was better to live life on my terms” as a consultant rather than seek a position as an employee.
Returning to the workforce is not necessarily a simple process. It requires some reflection, an honest evaluation of where you are in your life, and why you are seeking to “unretire” or find an “encore” career.
Tips for the Journey
Know Yourself. Think about “who am I at this time in my life?” said John Tarnoff, 72. “How can I be useful?” In addition, determine which parts of your work you liked and which you didn’t, said Chris Blunt, CEO of F&G Annuities & Life, Inc., who retired at 55 as a divisional president in the insurance industry.
Within four months, a recruiter contacted him about his current position. Now aged 62, he has been at F&G since January of 2018. “I don’t have to work,” he said. “I like to work.” He missed the challenge of building and working with a team.
Consider Your Time Commitment. How much time are you willing to devote to an “encore” career? Do you want to work a 40-hour week or do you prefer to work part time at 20 hours?
Identify Your Core Skills. Look at your entire work history to determine your value. “Develop a career summary,” said Damian Birkel, founder of Professionals in Transition, a nonprofit job search support group in Winston-Salem, North Carolina. This is the best of your past, and where you want to go in the future.
“It comes down to marketing your transferable skills,” said Birkel, who turned 70 in December. If you choose to become a consultant, “you need a website,” said Washington, D.C., area career coach Shira Lotzar.
Be the Solution. “The first thing is to be the answer to the employer’s needs,” said Birkel. The search process is the same but “more targeted and more niched,” said Tarnoff. “Be specialists not generalists. Employers want you to be a specific solution to a specific problem.”
“Despite digital tools, there is nothing superior to getting out and meeting as many people as you can.”
Leverage Your Network. Once you figure out your interests, start networking. Ask, “Do you know anyone who does this?” Tarnoff said. It expands “like ripples in a pond.”
How you network will depend on whether you are looking for a corporate job or you are becoming a consultant. Cast a wide net. Contacting five or six people isn’t enough. Ask for 20-minute informational interviews; send the five questions you will ask ahead of your meeting. Avoid putting contacts on the spot by asking if they know of or have a job. Ask if there is anyone else they suggest you contact.
Figure Out Your Value. When looking for work, whatever the reason, be prepared to encounter ageism, experts say. “Younger people don’t understand what it means to be older, to have the experience,” Tarnoff said. “You have to explain your value.” •