The New Retirement: Embracing Work, Leisure and Purpose

By Caroline Francis

People around the globe are living longer, healthier lives. With the increase in the average lifespan, incorporating work into these later years is becoming more essential. Financing a 40-year retirement on a 30-year career is a challenge many will face, making continued employment a practical and rewarding solution.

According to the U.S. Bureau of Labor Statistics, more and more people are working into their later years, a trend that is expected to continue. The labor force participation among older adults is on the rise and those aged 65 to 74 and 75 and older are projected to see the most significant increases.

“A new type of retirement is taking shape,” says Robert Laura, founder of the Retirement Coaches Association and author of “Retirement Intelligence.”

“Particularly as the first round of Gen “Xers” turn 60 in 2025. The trend for the last boomers as well as the emerging Gen Xers is that they won’t fully retire but instead use part-time, gig and seasonal work to deviate from the traditional retirement that their parents and grandparents experienced.”

Working for income isn’t the only reason we’re seeing the change, Laura writes.

“People are seeking out second careers and encore work opportunities that provide positive impact, offer social connection and purpose. Retirement has become plural for the tail end of the boomers and is being embraced by the first wave of Gen X as they will be more likely to experience retirements from dissimilar roles and feed their desire to be social and independent as the latchkey generation.”

To successfully transition into semi-retirement, explore options with your current employer such as reduced hours, phased retirement programs, seasonal projects or consulting roles.

Conversations with supervisors or HR departments can uncover opportunities tailored to your needs. Semi-retirement is also an excellent time to explore a new career, pursue long-held dreams, or engage in volunteering.

Alumni Career Services counselors are available to assist active and life members in making these transitions. Ask yourself: What aspirations have you put on hold? What new skills or knowledge do you want to gain? How can you use your expertise to give back to society?

While ageism remains a reality, highlighting the strengths you bring to the workplace is a key strategy for success. Older workers often excel in areas like reliability, strong work ethic and customer service expertise. They bring a wealth of institutional knowledge, emotional intelligence and critical thinking skills. Employers increasingly recognize the value of intergenerational diversity, as studies from the Harvard Business Review show such teams are more creative and faster at problem-solving. Older employees also bring calmness in crises, a broad network and valuable mentoring capabilities.

To make the most of this life stage, seek out semi-retirement role models. What can you learn from their journey to apply to your own? Semi-retirement offers a unique opportunity to redefine purpose and passion while making meaningful contributions to both the workplace and society.

Caroline Francis is director of UK Alumni Career Services. Visit www.ukalumni.net/career to learn more.