Merrill Lynch News

Retirement vs. Secondment

Baby Boomers Start a Second Life

NEW YORK, July 15 PRNewswire — As more than 76 million baby boomers, that's more than one-quarter of the US population, enter their 50's and 60's they are confronting the "r" word ... retirement. But theirs is a generation of over-achievers; a generation that will not stop working altogether in the traditional sense — nor will they necessarily want to keep working full-time, according to Joan Strewler-Carter and Stephen Carter, co-founders of the Life Options Institute, an organization dedicated to helping people plan for life after age 50.

"Determined not to accept the traditional limiting definition that the word retirement brings, boomers are instead looking to the "s" word ... secondment: A detachment from their full-time position into a fluid, flexible and non-traditional working arrangement," notes Mrs. Strewler-Carter.

According to the Merrill Lynch New Retirement Study published in 2006, 71 percent of boomers say they will work after retirement.

"They are exploring new alternatives such as starting a new career or business or securing short-term secondment in the field in which they were trained," adds Mr. Carter.

According to Mr. Carter a number of companies are offering their retirees the opportunity of being seconded, sometimes to other company divisions. This gives the retiree the opportunity to keep himself active in the industry by utilizing some of his previous experience and knowledge.

"The idea of offering their services on a contract basis gives them a great deal of flexibility regarding the type of work undertaken and also assists in their transition to retirement," explains Mr. Carter.

Russ Creason started his career at General Motors and climbed the ladder to become a highly respected human resources executive for the company. In 1981, he retired. Mr. Creason wasn't ready to completely stop working so he chose to use the skills he acquired to work as a consultant at Right Management in Kansas City, KS.

"I'd spent a lifetime building knowledge, experience and expertise, Mr. Creason says. "If you have your health and brain, why would you stop using your skills?"

When Cherokee, OK-resident Marian Goodwin's husband Bill died in 2003, her children urged her to sell the funeral home the couple had owned since 1965. But, even though she didn't have a mortuary science degree and had only handled some administrative duties for the home, she was determined to keep the doors open. She figured out how to reorganize the business, hired a licensed mortician and went back to work.

"I work 50 or more hours a week now," Goodwin says, "and I've put my own stamp on the way things are done."

Goodwin has personalized her business by putting her love for western art to work on personalizing the funerals of Cherokee citizens who live in her area.

"In one instance I arranged to include the deceased's boots in the casket flower spray," she explains. "Men on horseback escorted the casket, which was loaded in the back of the deceased's pickup along with his dog, to the gravesite."

Job Web Sites for the Over 50 Worker

As large corporations are starting to feel the pinch of millions of boomers leaving the workforce, and taking their valuable expertise with them, a growing number of job sites and resources targeting the over-50 worker are starting to appear including http://www.YourEncore.com , started by Eli Lilly and Proctor & Gamble as a way to attract their retired employees. Other sites include http://www.Seniors4Hire.org, http://www.SeniorJobBank.com, http://www.SeniorJobs.org, http://www.SnagAJob.com, and http://www.DinosaurExchange.com .

New Book Offers Tips on Reentering the Workforce

Published by Rockhill Books, What's Next in Your Life? is written to appeal to the baby boomers who, while they may have already planned for their financial retirement, need the tools to plan for a more fulfilling and rewarding life after 50, according to Ms. Strewler-Carter and Mr. Carter, co-authors.

Internationally recognized authorities on career and life planning, the Carters provide guidelines on how to approach reentering the workforce. Written in a simple and direct style that presents information quickly and clearly, What's Next in Your Life? is easy to read yet covers a great deal of important material.

If you need some assistance in preparing for the second half of your life, or to order the book, then go to http://www.WhatsNextInYourLife.com , a web site that helps people plan for life after 50 and includes helpful tips on how to re-enter the workforce.

SOURCE Life Options Institute

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