Rethinking retirement: 3 ideas for when you want to keep working

You may have been looking forward to retirement for a long time, but found it wasn’t for you when it arrived.

Or you may be approaching it with trepidation, unsure whether you want to have so much free time on your hands.

For some, it can be an easy transition, but it can be a harder leap for others. However, that’s not to say your only options are to keep working or to retire completely.

There are plenty of options in between, enabling you to keep working or stay occupied in some capacity, but without the rigid structure or potential stress of a full-time career.

Read on to discover three ways to keep a little purposeful activity in your life.

Choosing to work is very different from feeling forced to work

According to Age UK, 9.5% of people aged 66 or older are still working. The study identified four reasons why older workers choose to continue working beyond retirement age, as opposed to being forced to remain in work.

These are:

• • The employer needs your experience, or you are needed in the family business
  • To pay for desirable items, such as a holiday
  • Opportunities to work more flexible hours
  • Not being ready to stop work.

If these resonate, that doesn’t necessarily mean you have to simply carry on doing what you’ve always done. Of course, if you love your job, you might want to keep working for a while longer. But if it’s the notion of work that appeals to you, you may want to cast your net a little wider.

1. Become a non-executive director

As a non-executive director (NED), you sit on an organisation’s board, helping to drive the direction of the business. This can be ideal if you’re looking for a corporate position that doesn’t take up too much time.

You’ll usually be expected to attend board meetings and may also be asked to represent the company at external events or liaise with shareholders.

You won’t have any direct operational role within the business. Your role is essentially strategic, analysing business performance and offering an unbiased critique.

It’s great if you’re looking for a role that offers:

• • Flexibility, as you’ll probably only be working a few days each month
  • Income, as most NED roles are paid
  • Professional satisfaction, using your experience and knowledge to help another organisation grow
  • Opportunities for socialising, with plenty of networking expected
  • Challenge and stimulation, as this is a high-level role requiring in-depth engagement
  • A smooth transition, taking you from full-time work into a fulfilling semi-retirement.

2. Take up a volunteering position

This is a great way to give something back to the community at the same time as adding some extra purpose to your days.

If you need another good reason, Age UK reports that people who volunteer:

• • Are less likely to suffer from depression
  • Have higher levels of wellbeing and life satisfaction
  • See their risk of death reduced by 22%.

Volunteering can come in many different forms. For example, you could continue in a professional capacity, such as holding a consultancy role, mentorship, trustee, or treasury position.

Or you could get out into the community and volunteer at a food bank or community hub, or by taking part in a befriending scheme to support those who are isolated.

Museums and heritage centres are also often good places to look for a volunteer role, such as working as a tour guide or offering visitor information.

There is also a wide range of healthcare volunteer positions. These include roles within a hospice, at a charity helpline, or in hospital providing companionship to patients.

Whatever you choose, volunteering can be a rewarding experience, with plenty of mutual benefits. It’s also a great way to stay socially active, opening your world to a whole new group of people.

3. Embark on a career change

If you don’t feel like giving up work completely, you could look for a change of direction. Perhaps you’d like something slower paced, or you just fancy doing something different for the last few years of your working life.

The possibilities are endless, and what you do depends entirely on you. Is there something you’re passionate about that you’d love to try? Do you still need a full-time income, or can you afford to take a reduced salary?

However, don’t just dive into something without thinking it through.

Making a change at this point in your career can be very exciting, but it can also be challenging. Do your homework and make sure that whatever you choose meets all your criteria.

Get in touch

Having a strong financial plan in place can make it much easier to live the retirement of your choice, whether that’s completely finishing work or seeking a different occupation. We can help you with every aspect of your retirement planning.

Please email us at info@harperlees.co.uk or call 01277 350560 to find out more, and we’ll be very happy to help.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.