The Wealth Style Approach

By MARY DIXON LEBEAU

Once upon a time — well, a generation or two ago — a person’s career path was clear. You went to school, be it high school, trade school or college, and completed the necessary education. Then you graduated, found a job, and settled in for the next 30 or 40 years, steadily climbing the corporate ladder at a company that rewarded your loyalty and recognized your contributions. And, just as you were slowing down, you retired, received a gold watch, a pension check, and the gratitude of your employer.

Today, there’s a new awareness of early retirements, corporate cutbacks, downsizing, or restructuring — and boomers are finding out that the world of work has changed. According to the most recent statistics, the Bureau of Labor Statistics of the US Department of Labor reported that 3.8 million workers were displaced from jobs they held for at least three years during the January 2003 through December 2005 period. Career change is the norm – and often a necessity — as workers today are expected to make three or more changes during their career.

According to a Towers Perrin study conducted for AARP, 69% of boomers aged 45 through 74 who are working or looking for work say they plan to work in some capacity during so-called retirement. “As a group, baby boomers are loyal, hardworking, seasoned employees, and many of them have no intention of leaving the workplace,” says Sally Abrahms, an aging and workplace expert.

Refreshment

So how do these twilight professionals stay relevant in an employment environment that is geared toward new, fresh, young? They start by remembering – and reminding employers – what they bring to the table, Abrahms says. “Employers are starting to figure out the value of older workers because it affects the bottom line,” she says. “Boomers have a lot of institutional knowledge, and employers are realizing that’s essential.”

Still, many of these mature workers are finding themselves on the outside of the fields they know best. Many who spent decades in a single industry are retiring to find a different world of work.

“Many boomers are actively reinventing themselves through a process known as re-careering,” says Dan Moran, boomer career coach and founder of Next-Act career management and transition specialists. “They are seeking gainful employment on their terms in pursuits that match their interests.”

For Wayne Wecksler, life changes lead him to major re-careering – and a whole new career.

Wecksler, now 56, took an early retirement from his managerial position at Smith Klein Beecham to be with his wife, who was suffering with a reoccurrence of breast cancer. “I knew when I retired where this was going,” says Wecksler. “I knew at some point I’d be a widower and would need to do something for the rest of my life.”

When his wife died in November 2001, Wecksler considered returning to work similar to that which he left, yet he decided he wanted to make his second career one that held more meaning for him. “You only live once,” he says. “If you can pursue a worklife that is rewarding, interesting and exciting for you, you should jump at the chance.”

Jump Wecksler did – into the world of golf. Pursuing his dream of becoming a golf professional, Wecksler investigated employment opportunities in the field, met with a local pro to see what was involved, and signed on for classes at the San Diego Golf Academy.

Recareering how-to:

How does someone “re-career”? First, the boomer needs to study his or her financial situation. “I could only consider this change because I was drawing a retirement check,” says Wecksler. “You have to be prepared to take a substantial cut in pay. Once you start to learn your craft, income increases will follow.”

Experts advise assessment tests and conducting research to discover what careers are viable and desirable. Both Abrahms and Moran agree that doing volunteer work helps present an awareness of the day-in, day-out details that the job entails. And as with any job search, networking is key. Talking to others in the field for the real scoop on the market outlook will enable you to set a realistic expectations.

Taking classes in your field of interest is a great way to jumpstart a new career, says Melanie Holmes, vice president of world of works solutions at Manpower Inc.

“Online learning, community colleges and certificate programs can offer you a quick route to your new career,” she says, adding, “just don’t be impractical. If you’re 60, you won’t have time to reinvent yourself as a brain surgeon. But for the lawn enthusiast looking to get into horticulture, or the businessman hoping to break into the world of not-for-profits, additional training or schooling is a great idea.”

It’s important to gain education and experience in the new field, as boomers who rely on their previous resume may find themselves facing a hiring Catch-22. “When you’ve worked for a long time in an unrelated field or have unrelated skills, you’re overqualified and underqualified all at once,” Wecksler says. Boomers may expect salaries matching their experience and education, but find themselves back at the “entry level” range because they’re pursuing a new field. “You may have 30 years experience in one field, but would an employer in the new field be willing to pay for it? Not likely,” Wecksler adds.

Of course, those early retirement boomers may be at just the right age for a pay cut. For many, the kids have moved on and the mortgage is paid. Taking a job that feeds the soul may be more important than one that feeds the bank account. “It’s not always about the money,” says Abrahms. “Sometimes it’s better to opt for the job that is more exciting and emotionally rewarding than the one with the hefty salary, especially if that smaller paycheck is supplemented with Social Security or a pension.”

Written by Carrie Jacobs, M.S. www.TheWealthStyleApproach.com