The baby boom generation, the largest group of employees in the U.S., is approaching retirement age. But for some of those who have reached the age of 50 or older the idea of spending the rest of their days puttering around the garden doesn't hold much appeal. Instead they are opting to start second careers and are starting new businesses, becoming consultants and getting secondary degrees.
Most people over 50 are in an excellent position to start a second career. They have been in the work force for almost 30 years, and have garnered valuable job experience. And many older professionals are financially stable, having received severance packages or pensions from their previous employer. They are typically in good health and are looking to lead a more stress-free life.
There are many options for older professionals who want to start second careers -- but none of them can happen without some planning:
- While you're still working, try to vary the jobs you do in an effort to acquire some different skills. For many this can happen when promoted or changing companies. If you are a teacher, do research during the summer, or if you are a social worker, try working with a variety of populations.
- Assess your financial situation closely. Keep in mind that by switching careers you may take a pay cut or there may be a period of time when you don't earn money. If you would like to start a small business make sure you qualify for any loans you need. Also, take time to review the tax laws and how they will affect your IRA, pension, or estate, and if your additional income puts you in a new tax bracket. More importantly, remember you will still need money to retire. At a 3 percent rate of inflation the cost of living will double in 24 years.
- If you are offered early retirement - take it. This is an excellent way to bankroll your career change.
Some of the many jobs available for older professionals are:
Consultant: Turn your wealth of experience into a business by offering your services as a consultant.
Teacher: Harvard University offers a course to train career scientists and mathematicians to be teachers.
Small Business Owner: Make a hobby into a business. Or buy a B&B and become an innkeeper.
Social Work/Nursing: The social work and nursing fields are greatly enhanced by second-career employees, who often bring valuable life experience to the job.
No matter what second career you choose, many studies have shown that older adults benefit from staying active and involved with their community, resulting in a healthier -- and longer -- life. 
