The new face of retirement: Many Americans find second career after calling the first one quits
SEPTEMBER 2, 2014 LAST UPDATED: TUESDAY, SEPTEMBER 2, 2014, 7:11 AM
BY JONNELLE MARTE
BLOOMBERG NEWS
THE RECORD
MIAMI — For Richard Tiberius, retirement didn’t arrive from one day to the next.
As it does for many Americans today, the milestone came in phases. The first phase began two years ago when he went part time in his role as the director of the educational development office for the medical school at the University of Miami and his $120,000 salary dropped to about $70,000. He was hoping to free up more time to paint, a second career of sorts that had been boxed into nights and weekends.
Tiberius, now 73, figured that with his wife’s income, his Social Security benefits and the pension from his time as a researcher in Toronto, he could afford to spend more time in the studio at his Coconut Grove home. But he wasn’t ready to quit the university.
“When you’re cultivating something, growing something — whether it’s a business, painting or academic work — it’s hard to leave it,” Tiberius said.
Roughly half — 47 percent — of retirees say they are working or plan to work during retirement, according to a study released earlier this year by Bank of America Merrill Lynch and Age Wave, a research firm. And the motivation isn’t always financial: As advances in health care make it possible for people to live longer — and healthier — lives, the idea of a part-time or flexible job appeals to people looking to keep busy. It’s an added bonus if the job pays enough to keep them from tapping into their savings.
– See more at: https://www.northjersey.com/news/business/personal-finance/the-new-face-of-retirement-1.1079192#sthash.4QfURtln.dpuf
