Three Things to Consider When Making a Late Career Transition

Many older Americans are remaining in the labor force well into their senior years, and some are even changing careers, states Forbes contributor Terry Powell. In a recent report on retirement, the RAND Corporation found that many Americans retire then either go into a new career or start up a business. One of the study's authors termed retirement as "a fluid concept," adding that, "Significant numbers of older people move in and out of the workforce. Retirement isn't necessarily permanent." Many older Americans use their years and experience as a marketable quality and end up consulting in their industry, often for the company they were previously employed with. Other seniors purchase franchises, which can be attractive to this age group for a number of reasons. "You can be as busy as you want, hiring employees, scheduling, doing payroll and ordering inventory, or you can have your managers do it and go spend the afternoon gardening or seeing a movie," Powell notes. While there is plenty of work that can come with owning a franchise, the more successful the business is, the easier it will be to scale back and let others handle most or all of the labor. Powell is the founder of The Entrepreneur's Source, a leading alternative career coaching franchise.