It’s no secret that the economic upheaval of the recession wreaked havoc on many Americans’ retirement plans. Between 2007 and 2010, the number of working Americans 55 and older grew by nearly 8 percent — the only group whose workforce participation rates increased. Couple that with many baby boomers’ desire to keep working later into life for personal fulfillment, and you’ve got a cohort who are planning to stay in the workforce for the foreseeable future. And quite naturally, they’re starting to ask: Is this what I want to spend the rest of my career doing?
Reinvention can seem daunting, but so can spending the rest of your professional life doing a job that’s no longer fulfilling.
Reinvigorating the later years of your career can happen in a dramatic way (changing industries) or more subtly (learning new skills or moving to a different job within your company). I spent several years studying and interviewing people who had successfully managed to get out of their professional ruts, and I found eight strategies that are particularly useful for older “reinventers.”
Get clear on your timeline. If you’re planning to retire in 15 years, you have a lot more latitude to experiment than someone who’s planning to retire in two. Of course, if finances aren’t a concern, you can make professional leaps with abandon at any stage. But if they are, the first step is to calculate how many years you plan to continue working full time and decide whether you ultimately want to set yourself up for part-time or more flexible work. If your retirement horizon is shorter, you may want to consider a smaller reinvention — such as shifting to a new position within your same field — rather than retraining for an entirely new career.
Borrow ideas. Now set your timeline aside for a moment, and think of 10 people you know who are doing really interesting things. Maybe your sister has started a side business as a consultant, or a colleague heads up a project at work you find intriguing. Your future opportunities, and even your ideas about what’s possible, often come from your network. Look through your list for any commonalities. Do many of them set their own hours? Are many of them learning a new skill? How many of them are in your current field? Then reach out: Immediately invite at least a few friends or colleagues for coffee.
Develop feasible new skills. Once you’ve loosely mapped out a range of opportunities that could fit both your timeline and your interests, make another list: this one should be of three things you can do in the next several months to enhance your knowledge base. These could include taking an online course, seeking out a new assignment, joining a nonprofit board, or even simply reading five books on a related topic.
Turn “old” skills into new assets. Instead of fixating on how you can fit a different mold, think about how you can fill a void. Write down one or two sentences identifying the knowledge or skills you have that others in your new domain might not. For example, you may not have years of experience in human resources, but your time in the sales department probably gave you a valuable perspective about how to hire the right people that you can bring to a new career in HR.