When you've worked for the past 30-40 years it'd be nice if you could just put your feet up, kick back and relax for the rest of your life. However, with failing pension plans and retirement savings damaged by The Great Recession, post-retirement employment is a growing trend among retirees and older workers. According to the Bureau of Labor Statistics (BLS), between 1977 and 2007 the amount of men aged 65 and older who are still working has increased by 75%, and women in that age category have increased by 147%.
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As well, the projections by the BLS point to even more seniors in the work force, with the number of employees 75 and older increasing by 84.3% and those that are 65-74 increasing by 83.4%. But where are they working? We'll look at the industries and specific jobs that are attracting post-retirement employees, and post-retiree jobs with good prospects. (For related reading, also take a look at 7 Boomer Jobs That Are Up For Grabs.)
After a life of working in a certain field it's pretty safe to say that many retirees have specialized knowledge. It's one of the perks that can only come from 30+ years of experience. So why not share that knowledge with others - for a price? In the consulting field there are more workers that are over 55 than there are in the average workforce, with 6.6% of the entire consulting sector being over 65, and 20% being between 55 and 64.
Jobs in this field can range from business and marketing consultants to environmental, medical, office work and so on. The good news for retirees is that, according to the BLS, the jobs in this field are expected to grow by 83% between 2008 and 2018. Management analysts make an average of $39.26 per hour and market research analysts make an average of $26.2 per hour. This could be a perfect way to use your strengths and experience while raising your post-retirement standard of living.
- Financial Advising
You may have to work past retirement, but that doesn't mean that others can't learn from your experiences and figure out how to manage their money in order to retire when they want. According to the BLS, 29% of personal financial advisors are self-employed. Depending on the state and what you want to do as a financial advisor, certain licenses are required for this job, so look into what you will need for where you'll be working. A plus for retired individuals is the ability to work for yourself, so that you can still earn an income without feeling like you're still working full time.
If you're looking to retire, have worked in the finance industry and have a solid understanding of financial planning, it may be time to get certified so that you can work after retirement, as the job field is expected to grow by 30% from 2008-2018. Personal financial advisors, on average, make $69,050, as of May 2008, according to the BLS.
Though retail, especially when it comes to clothing, seems to be an industry that's dominated by the young, there is still a place for retirees to work in stores and industries where their experience and knowledge will be a huge benefit. If you've had a hobby your whole life, whether it's knitting, fixing cars, home repairs, gardening, fishing, a specific sport, etc. your wealth of knowledge can be a real attribute if you want to get into selling it.
The pay in this field isn't too bad, either - the average is $18.08, according to the BLS. So if you're looking to subsidize your income with a low-stress job, this could be a perfect post-retirement job. Those that are 65 and older already have an above-average employment rate in this space, and overall the retail sector is expected to grow by 11% between 2008 and 2018.
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- Hospitality Industry
Similar to the retail industry, the hospitality sector offers a wide range of possible jobs where retirees can work in an area that interests them. If you've always had a knack for interacting with people - or have always wanted to try tending bar or dealing cards - there are a lot of jobs in the hospitality sector, from concierge or greeter to working the information desk at a hotel. These jobs aren't always high paying, but they can provide some extra income, and are not always high-energy occupations. If you're working at a resort or hotel, these jobs can range from $7.29 to $12.49 per hour, and are expected to grow around 5.4% by 2018.
- Tour Guide
If you've built up some specialized knowledge throughout your job, the area where you live or just through traveling, being a tour guide can be a great way to share your knowledge, as well as continue your travels and do something you really enjoy. Tour guides get paid a somewhat low wage, but at around $12.50 an hour it can be perfect to subsidize your pension and retirement plan income, and if you love teaching and interacting with people it might not seem like work at all. This job is expected to grow between 7-13% over the next seven years.
The Bottom Line
Some jobs seem tailored to a retiree, allowing them to share their vast experience and knowledge with those who would really stand to benefit from it. Though some of the jobs listed will require a special interest and a desire to interact with the public, they are all growing industries and some already have a significant older worker presence, making it easier for retirees to enter the field. (For additional reading, also check out 7 Jobs Companies Are Desperate To Fill.)
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