Silver boomerangs head back to work as retirement gets expensive

Running out of money in retirement? Perhaps you could join the new trend of older Australians going back to work to boost their household income.

Unretirement is growing in popularity as older Australians boomerang back to the workforce.

Worries about retiring comfortably are common and the rising cost of retirement is prompting people to try to boost their funds.

Simon Bennett, principal consultant for Brisbane-based careers consultancy Glide, said the practice was “a growing trend” that spurred by financial need, but was daunting for retirees.

“Job searches when you’re older often take more courage than when in your twenties and thirties,” he said.

“However, with careful planning, people can find a role that is both fulfilling and practical.”

Mr Bennett said it helped if candidates update or expand existing skills.

For example, administration skills could be built on through bookkeeper training such as studying for an entry-level Certificate IV credential.

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Digital skills are important for Australians wanting to rejoin the workforce.

All job seekers must be digitally literate and up-to-date with technological change, he said. Skill at using smartphones and tablets for email and word-processing is important.

Growth industries with strong opportunity for older Australians include customer service, aged care, childcare, house-sitting, pet-sitting and retail, Mr Bennett said.

He urged people to explore options including consultancy, mentoring young people, part-time, casual or voluntary work.

But think twice about targeting chains like Bunnings and Coles, and local government organisations.

Major players with more vacancies attract more applicants, so try small businesses not beset by hundreds of like-minded seniors, Mr Bennett said.

And be open to taking a pay cut.

Lower salary expectations could result in less stressful work, offering better work-life balance or greater fulfilment, he said.

Recent research by Deloitte Access Economics found that almost one-third of Australians were losing confidence about retiring comfortably — with older age groups the least confident.

Louise Watts, the founder of the career development program Transition Hub, advised finding fulfilment through pursuing an interest.

You can find fulfilment by pursuing an interest.

“Do what you love,” she said.

“Give more than ever before — no matter what area you’re looking to work in, whether returning to a familiar industry, starting a new business of your own or moving into a new organisation altogether, focus on work where you can thrive and not just survive.”

She said job enjoyment fuelled success, as did contributing to others.

“Do a pro-bono day a week. See this as your marketing time,” Ms Watts said.

Ms Watts also advised aiming to get a retainer.

For example, a former retiree may become a sounding board to a business for $250 an hour, 10 hours a week, she said.

Alternatively, a freshly employed project manager supervising apprentices may work for $60 an hour, 40 hours a month, she said.

Agree on a guaranteed sum as a contractor for a set period.

Aim at security without full-time commitment.

However, founding a business may be a step too far.

“The market is presently very cluttered with more ideas than customers. Winning attention, let alone traction in this market is tough,” Ms Watts said.

UNRETIREMENT CHECKLIST

• Update your skill set

• Target small businesses

• Lower your salary expectations

• Do what you love

• Work for free for one day a week

• Aim to get a retainer