As a young man just out of college, Steve Eaton was focused on building a successful marketing career as a company man. But in the mid-'80, when the corporation he worked for was sold to a Dallas-based conglomerate, Eaton didn't want to uproot his young family so he took a different view of his work life.
"I realized I couldn't replace my income and decided to start my own company," said Eaton, 61, of Sandy Springs. In 1989, he founded Centennial HealthCare Corp. , serving as chairman and CEO. In the span of a decade, the company grew to $400 million in revenue before Eaton sold it to a private equity firm.
He was 52 years old and was, in essence, retired.
It didn't last long. Within two years, Eaton was back with a new company and a slightly different schedule. "The trade-off is I told my partners I would like to devote 20 percent of my time to non-profit work," said Eaton, who serves as board chairman of Emory/ St. Joseph's Hospital and on the boards of UNICEF, Greater Atlanta Christian School and Emory Healthcare.
"I will never retire," he said. "So much of yourself is built around what you do everyday. There is a loss if you aren't doing it."
Over the next decade, an estimated 2.5 million baby boomers in Georgia will move toward retirement. But for the generation born between 1946 and 1964, the notion of retirement has changed. A 2011 survey conducted by AARP found that among non-retired boomers, 29 percent said they will work part-time during retirement for needed income, 23 percent will work part-time for enjoyment, 15 percent will start their own businesses and 7 percent will retire from their current jobs but work full-time doing something else.
"[Boomers] have gone through adult life enjoying each phase," said Sarah Toevs, director of the Center for the Study of Aging at Boise State University. "The individuals who are able to, have taken opportunities to experience time away from work throughout their work lives. That is now impacting how people are seeing the extension of work life beyond what we have seen in the past."
Not only do boomers seem to have a greater joie de vivre -- than past generations, they also have longer lifespans.
"I'll probably live until 90, 95, 100," said Toevs, 54. "Do I want to have 30 years of retirement? That is a long stretch. It would be the longest stretch that I've done any one thing in my life. If you can develop an environment in which you thrive throughout your life, why would you remove yourself?"
When Eaton sold his company, he initially thought he would find a new CEO and retire. "For me, physically, there is no reason to retire. So it gets down to what is meaningful to you." Along with two partners, he went on to launch EDG, a private equity firm, in 2004 and manages more than $260 million in investor funds.
It is a gratifying second act that doesn't require the same time commitment he had been accustomed to, and it allows him the flexibility to take on various philanthropic projects. Over time, he envisions moving into an advisory role at EDG and increasing the time he spends on philanthropic boards.
Eaton's path is one example of a phased retirement that could become more popular as boomers decide to work longer, which may be good news for industries such as health care, education and the energy sector, that will likely experience employment shortages as populations age.
Flexible work schedules, part-time hours and other accommodations for older employees are areas companies are exploring in hopes of attracting or retaining older workers, said Sara Rix, senior strategic policy adviser with the AARP Public Policy Institute in Washington, D.C.
Some boomers look at the retirement years as a time to reinvent themselves, Rix said. Those who are financially stable in retirement, may feel secure enough to take chances they may not have taken before. "They can do something fun or different when money isn't the object," she said.
Rebecca Farthing, 64, of Alpharetta always wanted to be an author, but it wasn't until she retired from the state Department of Labor in 2009 that she took a stab at creating a series of books for parents and children.
Drawing on her 20 years experience working with unemployed families in Welfare to Work and other government programs, Farthing and a co-writer, Hal Greer, decided to pen books that would help families deal with and discuss the impact of a financial downturn. The first book, which explores topics such as how to pay for prom or take a vacation on a budget, is complete and Farthing is seeking an agent.
"Since I was 15 years old, this is what I have wanted to do," said Farthing who is also working on a novel. "Writing is my passion."
While earning money isn't the motivation behind the project, Farthing, who lives on benefits from a pension, Social Security and disability, said she would welcome any income that comes from it.
When she isn't working on books, Farthing takes on another fun gig -- auditioning to be an extra in local films. She is registered with four casting agencies and last fall filmed "Parental Guidance," a movie starring Billy Crystal and Bette Midler scheduled to open in November. Farthing also regularly volunteers at Roswell United Methodist Church. Using the skills acquired from her previous career, she provides resume consultations to individuals attending the church's bi-monthly job networking events.
Not every boomer can find post-retirement work that they are passionate about, but when they do, experts say their enthusiasm can help shatter enduring stereotypes about older workers.
"Older workers will show by doing that they are capable, productive members of the workforce," Rix said. "As they retire and move into volunteer work or expand their volunteer activities, they will show society as a whole that they are capable of doing much more than sitting in the proverbial rocking chair or playing golf all day ... which I don’t know that most of them have really been doing anyway."
SIDEBAR
How to be a model 55-and-older employee
Be a mentor and be open to learning from younger employees
Find opportunities to update or broaden your skills
Know the culture of the workplace and embrace it
Consider options such as phased retirement, part-time work or schedules other than full-time
Sources: Sara Rix, senior strategic policy adviser with the AARP Public Policy Institute in Washington, D.C., and Sarah Toevs, director of the Center for the Study of Aging at Boise State University.
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