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You might not think so. But startups are rising at the fastest rate in more than a decade. And Wendy Mayhew, author of the new, practical book, “Wiser: The Definitive Guide to Starting a Business After the Age of 50,” thinks becoming an entrepreneur now can make sense if you’ve lost your job, been offered an early retirement severance package or have just been eager to get an idea off the ground for a while..
New retirees are like recent college graduates — they’re on their own after years of the same routine, and they have to find a new path to follow.
That’s how Nancy K. Schlossberg, an author and former counseling professor, sees it. And she should know, having written about the transition to retirement for decades and switching paths a few times herself in the last couple of decades. Now at 91, she’s starting an entirely new journey, acting as a consultant for Zoom programs about transitions in life.
Work is the aging issue.
And work isn’t a profane four-letter word.
It’s a four-letter word that should have a good connotation. And work is a reality. Even for those who have saved adequately for retirement, and most Americans haven’t, work is a financial safety net.
Vast unemployment has crushed American workers, and those who are over 55, face additional obstacles to landing a new job. That, too, is real.
Passion, grit, and a positive mindset are a winning combination. Unfortunately, new research from Norway suggests that people tend to become less passionate or less willing to persevere towards achieving inspirational goals shortly after passing the 50-year mark.
Between COVID-19, record-high unemployment numbers and the collapse of entire industry sectors, 2020 has been a miserable year for older workers. In fact, for the first time in nearly 50 years, older workers face higher unemployment than mid-career workers, according to The New School Retirement Equity Lab. And a Champlain College survey found that 9% of boomers and 11% of Gen Xers have lost jobs in the pandemic..
“I’m so full of regret,” Lainie told me. “It’s like when the present disappears, you just want to live your life over so you end up in a different place.” Lainie is 60, a writer, who came to me when she felt that all she had left were her mistakes. She’d always had regrets, she said, but until now they’d been air-brushed out – she’d had work, friends, and a knack for pulling rabbits out of seemingly bottomless hats. “I could always reinvent myself,” she insisted, “but now I can’t.” The result was that she’d come face-to-face with a life that she felt she’d mismanaged. She had nothing to fall back on – no relationship, shaky finances, no kids or grandchildren. “I can only blame myself. My life’s been a series of missed opportunities.”
You want to know how to retire. Figuring out the answer to this question can feel overwhelming and sometimes impossible, especially if you are already in your 50s or 60s.
Maybe it has been hard just making ends meet month after month, and now you are faced with creating a plan for the next 20 or 30 years of your life.
If you have been dreaming about the day you could walk out the door of your agency and never have to return, you’re probably in the right frame of mind for retirement. But for some employees, the thought of leaving can bring anxiety and cause stress.
Jeff Gothelf, a Barcelona-based (by way of New Jersey), 47-year-old business consultant, author and public speaker, believes we can make ourselves "forever employable" if we follow his advice. He's written how to do it in "Forever Employable," his new book. Frankly, I was skeptical about the title.