Transitioning to an encore career

The normal age of retirement in Canada is 65 but that isn’t stopping many Canadians from continuing to “punch in” well after hitting such a milestone. Increasingly, reaching the big 6-5 means transitioning to an encore career and the line between work and retirement is becoming more blurred all the time. Many people who retire go back to a job part-time – some even full-time. People are living longer and want to remain involved and productive.

According to Statistics Canada, the primary reasons cited for returning to work post-retirement include financial need, social interaction and job satisfaction. Whatever the motivation, make sure to plan your strategy in advance.

If you are in retirement, keep expenses in check and work closely with your financial advisor to ensure that you have a strong financial foundation to explore options around volunteering or a new job.

Here are a couple of considerations to help you on your way:

  • A business skill you are really good might be an avenue to a new venture such as personal coach, executive trainer, or corporate consultant.
  • Life experiences or hobbies that you have a passion to pursue further could also translate into a new business opportunity. A new catering business for a person who likes to cook, for example, or a part time job at a flower shop for the gardener in you.