New Line of Work - Forget the gold watch, pension plan and armchair. Retirement is nothing like it used to be. Far from an extended vacation, the new picture of retirement often includes action-packed lifestyles and, for many, work.

by Gretchen Roberts

Once considered the quiet grand finale to the American dream, contemporary retirement is taking on a whole new look. Challenging old retirement stereotypes, many busy retirees are rethinking everything about retirement including, surprisingly, work. In fact, a survey of 2,500 adults, ages 45 to 64, conducted by Thrivent Financial* revealed that work will be in the picture during retirement for nearly half of all baby boomers, but that often the social aspect is almost as strong a motivator as the money. In fact, 43 percent plan to work either full- or part-time in retirement, nearly one-third of respondents say they’ll work to keep busy, and 43 percent want a job that’s not too stressful.

This work—not necessarily 9-to-5 and often a departure from a previous career—can be a chance for the newly retired to try something different or to take a slower-paced job. For others, retirement is a time when they can make a contribution on a different level by caring for grandchildren, volunteering in their church or making a difference in their communities. Still others find themselves rethinking retirement because of a late-career job loss.

“Retirement is changing faces. We have a completely different paradigm than in the 1960s,” says Robin Long, a Thrivent Financial for Lutherans representative in Belgrade, Montana. “The old benefit system with a pension check has mostly disappeared.”

Many people, like the following Thrivent Financial members who have found themselves in the midst of this new retirement frontier, are embracing the chance to rethink work and writing a whole new chapter in their lives. Read on and learn how they are making the most of the opportunities.

Change of Pace
When he was just 55, Duane Erdmann of Kennett Square, Pennsylvania, retired from his job as technology director for DuPont, an international science-based products and services company. “I was ready to live at a slower pace,” the 61-year-old says. “At DuPont, I traveled a lot, helping to find and purchase technology and launch products around the world. I spent a lot of time on the road and in the air.”

At first, Erdmann reveled in his newfound freedom. He spent some time consulting for DuPont, ensuring his replacement would make the transition well. He stepped up his involvement in church activities and with his local Thrivent chapter. He babied his orchid collection, a passion begun years ago when he was just out of graduate school.

But life in the super-slow lane began to take a toll, and Erdmann wondered how he could find a happy medium between doing it all and doing nothing at all. “Word came that Thrivent Financial was looking for people to help lead chapters in communicating and better carrying out their role. I thought it would be interesting,” he says. Even though he was already chapter president, he thought this might be a nice way to use his strengths.

Even though he had been volunteering for some time, the new role would allow him to get involved on a deeper level. More than anything, he notes, “I missed the interaction with other people on a daily basis, helping to put strategies and plans in place.”

Erdmann was hired as a Lutheran community services specialist for the Pennsylvania and Northeast regions, where he now works a 35-hour week helping member volunteers administer various programs. “The nice part, which works with the pace of retirement, is that the job is very flexible. I can take an afternoon with the orchids or my wife, Judy, and work in the evening.”

Though Erdmann was set financially when he retired, the income from his new job ensures those assets stay put for now. “I’m not drawing on retirement savings funds, and probably won’t need to while I’m working. But I’m not working for the money. I’m working because I need to keep my mind sharp. For me, it doesn’t happen sitting in a rocking chair watching TV.”

Josh McClard, a Thrivent Financial representative in Fayetteville, Arkansas, believes retirees who take this approach are on the right financial track. “Retirees are living longer today than ever before. It certainly helps ensure your financial independence later in retirement if you are able to grow your nest egg instead of spending it,” he says. “If you can afford not to tap into your retirement funds, it’s probably best not to.”

Erdmann plans to continue working as long as he can make a contribution. “There are certainly some days I wish I didn’t have to do anything, but let’s be real: If you have a job, you have to meet deadlines. I like helping people do more than just give money...to instead enable them to give more of themselves in terms of time and service to others.”

Late-Life Shift
After 27 years as a laborer, forklift driver and kiln operator for Louisiana-Pacific, a building products manufacturer and distributor, Mike Miller of Helena, Montana, was called into the office and given a thank-you and a severance package. “The company decided to sell their holdings in Montana, and they systematically laid us off and shut the place down,” Miller says. “I was 60 years old and I had to start all over again.”

Miller’s 401(k) had taken a huge hit when Louisiana Pacific stock tanked in the mid- to late-1990s, so he was more interested in playing catch-up than in retiring early. He started job-hunting. “A lot had changed in 27 years. People didn’t come out and say, ‘You’re 60 years old and you’re going to retire in five years,’ but I felt that undercurrent.”

He spent months looking for work, brushing up on his communication and computer skills and trying out different jobs. Finally, a custodial position opened up with the local school system. The job had good benefits, which were important to him, but his paycheck took a $5-an-hour cut. “We were kind of in a bind financially,” he says.

Miller and his wife, Marilyn, sat down with Thrivent Financial representative Robin Long and crunched numbers. Miller was about to turn 62, and they decided it made sense for him to start drawing Social Security instead of waiting until age 65. “Mike gets a little penalty since his wages exceed the limit set by the Social Security Administration, but now he’s making ends meet. We decided that drawing on Social Security now and putting extra into his retirement savings was the best course for him. He went from being pinched for money to being financially comfortable,” Long says.

Now Miller puts $150 a month into his IRA, and he plans to work as long as he’s physically and mentally able. “Going through this transition was difficult, but we took lemons and made lemonade,” he says. “Robin and I are tracking what we’re doing, and the financial picture is looking very positive, where before it was kind of dark.”

Living the Dream
Ken Parkany was in his mid-30s when he made plans to retire at age 55. “In my early career, many companies, mine included, were offering golden handshakes to older workers,” he says. “I saw these men turning down lucrative financial offers in order to keep working, and it blew my mind. I’ve always felt there was more to life than the company, and I wanted to spend my golden years with my wife and family.”

After 37 years in various positions with Pratt & Whitney, a manufacturer of commercial and military jet engines in East Hartford, Connecticut, Parkany retired at age 60. “I met my financial goal at age 55 by maxing out my 401(k) contributions, starting a Thrivent Financial IRA, and purchasing life and long-term care insurance, but I continued to work for another five years,” he says. Parkany worked through these financial decisions with his Thrivent Financial representative Matthew Kellie, based in Manchester, Connecticut.

Meanwhile, Ken’s wife, Linda, had landed a job as an HIV/AIDS care coordinator at Rockville General Hospital. She loved her work and had mixed emotions about calling it quits last year. “It was difficult to retire because my job was so wonderful, but I’m glad I did, because we’ve been able to do many things. I just would have liked to have my cake and eat it, too,” she says.

The couple fulfilled their first retirement dream last spring with a three-month road trip around the southwestern U.S. “We’ve been planning this ‘awedyssee’ trip for years,” Ken says. “We prayed that God would use our travels as a ministry. It’s still hard to believe how He touched us during our travels.”

Back home in Connecticut, Ken and Linda spend a large portion of their time volunteering at church, playing in the bell choir, participating on the prayer blanket committee, and serving dinners to the homeless through a church and community program. Beyond that, they keep busy riding bikes, hiking, entertaining family, and hosting dinner and dessert cruises on the lake. “We were surprised that we’re so busy in retirement,” Linda says.

Though Connecticut has been their home for 40 years, the couple may relocate closer to two of their children in Georgia. As Ken explains, “We are praying for God’s guidance on our retirement ‘calling’—where and how He wants us to minister to others during this next phase of our life.”

Read about the Parkanys' "awedyssee" at http://360.yahoo.com/happytrails2_u

*Data for this survey were collected by the Harris Interactive Service Bureau (HISB) on behalf of Action Marketing Research. HISB collected data Sept. 26 to Oct. 7, 2006, among a nationwide cross section of 2,500 U.S. adults ages 45 to 64, of whom 1,213 were men and 1,287 were women.

Read More
Tips for You