Posts

Your #Career : Is Your Attitude Toward Work Killing Your Retirement Dreams? … Do you Have a Generally Positive or Negative Impression of the Word “Retirement”?

/in /by

To help you make the most of this article, please consider these two questions: #1- Is yours a vicious or virtuous work/retirement circle below?…….#2- What is the next action you’ll take to move in the right direction?

[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”]

Work or retire as a concept of a difficult decision time for working or retirement as a cross roads and road sign with arrows showing a fork in the road representing the concept of direction when facing a challenging life choice.

Work or retire as a concept of a difficult decision time for working or retirement as a cross roads and road sign with arrows showing a fork in the road representing the concept of direction when facing a challenging life choice.

I ask because it dovetails nicely with a series of questions (inspired by Rick Kahler) that I use to begin most speaking engagements. These questions are designed to incite self-awareness, offering us clues about how our life experiences have shaped the (often unarticulated but powerful) beliefs that unavoidably influence the decisions we make with and for money.

Like this Article ?  Share It !    You now can easily enjoy/follow/share Today our Award Winning Articles/Blogs with Now Over 2.5 Million Growing  Participates Worldwide in our various Social Media formats below:

FSC LinkedIn Network: (Over 15K+ Members & Growing !)   www.linkedin.com/in/frankfsc/en

Facebook: (over 12K)   http://www.facebook.com/pages/First-Sun-Consulting-LLC-Outplacement-Services/213542315355343?sk=wall

educate/collaborate/network….Look forward to your Participation !

Continue of article:

Regardless of an audience’s homogeneity, their responses are consistently inconsistent. I have, however, seen some generational persistency on the topic of retirement. For example, on average, baby boomers have a generally positive view of retirement—no doubt shaped in part by the incessant financial services commercials that promise a utopian post-career existence with beaches, sailboats, golf and an unlimited supply of vintage Pinot Noir.

On the other hand, the finance and accounting students that I had the privilege of teaching at Towson University—almost all members of the Millennial generation—had a generally negative view of the notion of retirement. This is for two prominent reasons:

  1. They pictured hot, humid, early buffet dinners in rural Florida.
  2. They don’t think that the American dream of retirement is available to them.

Interestingly, according to a new study from AARP focusing on full-time workers 35 and older, this generational pessimism is now creeping up the age ladder to Generation X and baby boomers as well. AARP reports that “while 87% of those surveyed who are working full time say they want to retire someday with nearly 70% of those hoping to retire by 65, just over half don’t expect to retire by 65 or at any age.”

Sheesh. Can I get a ho-hum?

It deserves mentioning that the working set 35 and older does appear to accurately assess their retirement readiness. Corroborating common perception with reality, the National Retirement Risk Index (NRRI) estimates that “52% of households are ‘at risk’ of not having enough to maintain their living standards in retirement.”

Old news, right? But what interests me a great deal more is the following finding in the AARP’s survey: “Although this group acknowledges that they will be working longer, fewer than one in five people across the Gen Xer and Boomer demographics say the thing that motivates them to get up in the morning is going to a job that fulfills them.”

So, more than 80% of the workforce over the age of 34 doesn’t like their work? No wonder they’re so stricken by this distressing conundrum: They desperately want to retire but can’t stand the only vehicle likely to help them reach their destination.

We must acknowledge that our views of retirement and work are inextricably intertwined.

It’s a vicious circle: If you don’t like your work, you’re likely to overvalue retirement. But if you undervalue you’re work, it’s logical to assume your performance will be less than optimal and, therefore, that your wages—your retirement savings engine—will be suppressed.

Vicious Circle

But there’s a virtuous circle to counter: If you love your work, it’s likely that you undervalue retirement. But ironically, because you love your work, it’s logical to assume your lifetime performance is improved and your lifetime earnings (and savings potential) are increased, better preparing you for retirement.

Virtuous Circle

Yeah, but it’s unrealistic to think that everyone can have their dream job! This is absolutely true, but that doesn’t mean we can’t purposefully and intentionally move toward it, shifting in the direction of a more virtuous cycle.

Or, in the words of career guru Jon Acuff, “Please don’t tell me you’re too busy to look for a new job and then show me your perfectly detailed fantasy football team.… Please don’t tell me you’re too busy to update your resume and then update your social media accounts incessantly.”

And most fascinatingly, the AARP study seems to help point us in the direction of a more fulfilling career: “If money was not a factor, most would volunteer or donate to a cause and travel the world.… The most popular types of ideal jobs for those who would switch are doing something that helps or teaches others and doing something creative or artistic.”

You probably don’t have the same talents that will likely launch 12-year-old Grace VanderWaal into a lifetime of fulfilling work (I still can’t watch this without choking up). But I’d be willing to bet that you could do something to move one step, small or large, in the direction of more fulfilling work, which will likely help you make and save more money over your lifetime while reducing any desperation you might feel about the need to retire.

To help you make the most of this article, please consider these two questions:

  1. Is yours a vicious or virtuous work/retirement circle?
  2. What is the next action you’ll take to move in the right direction?

I’m a speaker, author of “Simple Money” and director of personal finance for Buckingham and the BAM Alliance. Connect with me onTwitter, Google+, and click HERE to receive my weekly email.

 

Forbes.com | July 23, 2016 | Tim Maurer

[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

Your #Career : How To Find A Second Act With Purpose…Today’s Workers are Already Anticipating the Need for Change with Plans to Extend their Working Lives.

/in /by

Once you have some picture of where you want to go, get things moving by taking small steps toward that vision. What really matters is that you do a little something on a regular basis.

Free- Budding Vine

When Doug Rauch “retired” in 2008, he was 56. He had spent 31 years at Trader Joe’s, where he led the California grocery chain’s move to the East Coast, rising to president. But don’t call it “retired,” he calls it “graduation.”

Here’s why: While he planned to keep active serving on corporate and not-for-profit boards from his home in Newton, Mass, he quickly realized it wasn’t fulfilling enough for him.

Today, Rauch is headlong into his second act. His new venture opened in June of 2015: the tiny, 3,500-square-foot Daily Table, a not-for-profit grocery store he founded in the Dorchester neighborhood of Boston.

 Rauch, now 64, is part of a growing cohort of retired workers back at work, in part due to increasing lifespans and the desire to remain relevant. The rewards are threefold: financial, mental and physical.
“Today’s workers are already anticipating the need for change with plans to extend their working lives,” says Catherine Collinson, president of the Transamerica Center for Retirement Studies, who recently released a study, The New Flexible Retirement.

A Merrill Lynch study conducted in partnership with Age Wave, a research firm that focuses on aging, found that nearly three of every five working retirees said retirement was an opportunity to shift to a different line of work.

 

Like this Article?  Share It !    You now can easily enjoy/follow/share Today our Award Winning Articles/Blogs with Now Over 2.5 Million Growing  Participates Worldwide in our various Social Media formats below:

FSC LinkedIn Network: (Over 15K+ Members & Growing!)  www.linkedin.com/in/frankfsc/en

Facebook: (over 12K)   http://www.facebook.com/pages/First-Sun-Consulting-LLC-Outplacement-Services/213542315355343?sk=wall

educate/collaborate/network….Look forward to your Participation !

Continue of article:

How workers can successfully extend their working lives is a tricky issue, but one way is through upgrading skills and going back to school to pivot to new kinds of work. That’s what Rauch did and how his idea for Daily Table came to life. In 2010, he enrolled in Harvard University’s Advanced Leadership Initiative, which selects applicants –most of whom are in their fifties and sixties — from the top echelons of their industries to return to campus for a year to develop new skills, make new contacts and reflect on what’s next.

He was fortunate to have had that opportunity. But there are lots of ways to make the move to nonprofit work at this stage of life. Here are 10 steps you can take–preferably before you retire from your old job–to find new work with purpose in your next chapter.

Get financially fit. Debt is a dream killer–one of my favorite mantras. If you’re financially fit, it gives you options. You’re nimble enough to try things out, or work for less than you did in the past, for the reward of loving what you do and knowing you’re having an impact on the world around you.

Shape-up. To fight ageism in the workplace, you must have the stamina for a new beginning; you need to be physically in shape and stick to a healthy diet. You don’t have to bench-press heavy weights or run fast miles, mind you, but you do need to have a level of fitness. It will show. You exude energy and a can-do, positive vibe. People want what you have. It subtly shows hiring managers that you’re up for the job.

Take time to reflect. “Carve out solitude, space, and time to consider what kind of mission speaks to you,” says Marci Alboher, the author of The Encore Career Handbook. You need a certain amount of humility to switch to nonprofit work. There’s a shared sense of the mission, a collaborative decision-making environment. If you’re used to being an independent worker or a leader, this might not be a suitable fit without an attitude adjustment.

Do an inventory of your existing skills and interests. How can you redeploy your financial expertise, for example,  or your tech know-how or management skills on a new path?

Consider working with a career or life coach to talk through steps needed to make the shift. Successful career shifters typically set flexible time frames of three to five years to move into a new field. Finding what you want to do next is a process, so be patient.

Study up. Return to school for a tune up or a skills refresh. In addition to the Harvard’Advanced Leadership Initiative that Rauch attended, The StanfordDistinguished Careers Institute also offers a program for professionals in their 50s and 60s and beyond.

Be practical, though, when it comes to spending on education. If possible, take some classes while your current employer is still offering tuition reimbursement (though be sure to investigate whether there’s a payback requirement if you leave).

You might easily be able to hone your existing skills for the non-profit sector with just a course or two, e.g. accounting for not-for-profits. (Seton Hall Universitymaintains a searchable list of non-profit management courses across the country.)

Some other innovative programs: EncoreHartford, a 16-week fellowship program, begun by the University of Connecticut’s Nonprofit Leadership Program and now in its sixth year, has helped more than 100 corporate professionals, mostly older than 50, convert their corporate expertise to the nonprofit world. The program costs $2,950. It includes a crash course in nonprofit management and finance held in local nonprofits and a two month, 30-hour per week fellowship at a local nonprofit. Encore.org is working to increase learning opportunities through its EncoreU and a limited number offellowship programs outside the classroom. Pace University in New York offers an Encore Transition Program, aimed at helping executives and professionals explore swops from midlife careers to nonprofit and public service organizations. (Pace’s program, like the one at the University of Connecticut, has no ties to Encore.org.) The tuition is $795, and classes are limited to about a dozen student

Subscribe to the Chronicle of Philanthropy. Start reading articles and follow the thought leaders in the sector of the industry you’re interested in on LinkedIn and Twitter.

Develop a nonprofit-oriented resume. Your resume must show what experience you have and how it relates to the organization you’re interviewing with. Your cover letter must show why you want to work for that group and precisely what skills you have in your tool kit to help the organization with its goals.

Volunteer. If there’s an organization whose mission calls to you, raise your hand. “Get out of your head and into the world,” says Alboher. Look into volunteer opportunities to start developing some in-depth experience in an area that interests you and taps into your expertise. Serve on a board.

This builds your network and gets people to start thinking of you in new ways. Volunteering can also freshen your skills and stretch new muscles. Once you’re inside of an organization and its leaders get to know you and your skill set, it can lead to paid opportunities down the road.

To find organizations where you might get involved, check out web sites such asCommongood Careers and The Bridgespan Group. Other helpful sites includeBoardnetUSA, Handsonnetwork.org,Idealist.org and Volunteermatch.org. AARP also has a “Volunteer Wizard” match-up board. Look around your community. Where might you lend a hand?

 Do some pro bono consulting. Take on a consulting assignment for a local charity gratis. This may segue to a paid consulting job and to more permanent duties once you test the waters.

 Reach out to your network to ask for help. Whom do you know in the nonprofit field? Tap your Linkedin and other social media connections to search for possible contacts. Book an advice and counseling lunch or coffee to brainstorm. Always ask for another name or two of people you might be able to reach out to for guidance.

Polish your elevator speech. Nonprofits want to hear why you want this specific job for this specific cause and how it resonates with your personal story. Your passion and commitment for the organization and cause is the thing that sets you apart from other candidates. Wear your heart on your sleeve. Getting good at explaining this is crucial.

 One last tip: Do something daily to inch toward your goal. “Don’t struggle to find an ideal starting point, or perfect path,” says Clearways Consulting career coach Beverly Jones, author of Think Like an Entrepreneur, Act Like a CEO: 50 Indispensable Tips to Help You Stay Afloat, Bounce Back, and Get Ahead at Work.

Once you have some picture of where you want to go, get things moving by taking small steps toward that vision. What really matters is that you do a little something on a regular basis.

For Rauch, the impetus to start a second act was a lingering feeling that he wasn’t in love with his job anymore. “I didn’t have the gas left in the tank, and I had the sense that it was simply time to do something different, make a difference and make an impact.”

Follow me on Twitter, @KerryHannon Visit me at Kerryhannon.com

 

Forbes.com | February 16, 2016 | Kerry Hannon