07: Appreciating your home

Whether you are retiring soon or have already entered your Golden Years, a second career is a possibility you shouldn't ignore unless, of course, you have been a lazy bum all your life and hated all kinds of routines and obligations. In fact, if you're a lazy daisy (how clichéd are we?!) and are suffering the consequences of your inaction now, we suggest you boot up and start making things right. Even better, if you're one of those people who've been up and running most of their lives while enjoying the process of performing their duties well, were sure you don't want to feel bored or useless in the last stretch of your life. Although, don't overburden yourself if you're tired of working.

Whereas certain retired folks like to use their gray matter only when reading the newspaper each day, others want to fulfill their ambitions by taking up their hobbies as second careers. Anthony McClellan from Maryland was an educationist for 43 years. Finally, at the age of 65 he has opened his own fine-art photography business as a second career. He describes it thus: "It gives me an activity that provides me a focus and some pleasure but doesn't require me to be very, very active."

This is how you want to feel if you are an intellectual. If, on the other hand, you are an overactive, overworked sort of person, you might want to persue a second career that meets your particular needs. How about becoming a coach someplace - if you are good in sports - and become a role model for the younger generation? In fact, many retirees choose to become teachers, trainers or consultants because they believe (and everyone else does, too) that older people have gained the wisdom that society needs imparted.

A second career could not only cushion you financially but also satisfy you. Let us take a look at at Nancy! Nancy Stiefvater worked with Delta Air Lines for 24 years before taking an early retirement package because she thought she had "too much to offer." She then landed her dream job as a patient-services coordinator at Cincinnati Children's Hospital Medical Center. At 56 she remarks: "It's an opportunity to work with people in a top-flight organization."

Deborah Russell of AARP has the following advice for you if you believe you are going to work on your masterpieces (or simply choose a money-spinning second career) at the retirement stage: "Avoid using an old-looking resume by using language that shows you're flexible, eager to learn, have new ideas and can work in a team environment."

She adds: "Build your technology skills - they will make or break opportunities for older workers. There is virtually no place you can go to work and not use a computer."

Hopefully, computer use is a piece of cake for you by now. Were actually hoping you're reading this on your own - and it's not your grandson who's done the research and directed you to our website. If that's the case, we suggest you take some computer courses, now!

Understanding tax laws that govern your IRA or qualified retirement plan distributions should be a breeze as well. Also comprehend that extra income may subject you to a higher tax rate, so you may want to review your estate plan to find strategies for reducing taxes.

Once you start working, life insurance and long-term care insurance may help protect your income flow. But before you embark on your second career, you may have to finance the education you need for your second career or capital to start a new business. Ensure that you have enough money to maintain your lifestyle, since that is precisely what retirement planning is all about, anyway.

Next, do analyze your geographic area: Is there a market for what you want to do? If you must relocate, consider the climate and the tax structure of the place you are moving to. Consult with people working a second career you are contemplating, so as to learn about the challenges, rewards, and cost-to-benefit ratio. Finally, understand your financial picture and how a second career will affect it. Will your income cost you some of your Social Security benefits if you are younger than 70? You should check with your local Social Security office, or maybe get an appointment with God. If you decide on neither and want take our advice, we'll say what your brains saying at this stage: "Use it, or lose it!"