The Changing Definition of Retirement

News / Resources for Seniors

What will your retirement look like?

Will you pack up and move to a warmer climate? Do you want to travel the world? What about volunteering or maybe an encore career?

According to a recent study of more than 11,000 pre-retirees and retirees, the definition of retirement is changing. Among the findings:

  • Today’s retirees say the ideal length of retirement is 29 years
  • 27% view retirement like their parents did – as a time of rest and relaxation
  • 55% now define retirement as a “new chapter”
  • 34% view stopping full-time work as the start of retirement; 22% believe retirement starts when Social Security or pension checks start coming; and 17% said retirement hinges on financial independence
  • 59% said they want to work in some way; 22% want part-time work; 19% said they hope to cycle between work and leisure; and 18% want to work full time

“We’ve found that retirees are often looking for an encore career,” said Teresa Steinfatt, Vice President of Business Performance at Tudor Oaks Home Care’s partner, the HomeCare Advocacy Network (HCAN). “Caregiving is a great ‘second act’ for compassionate people who are looking for more than a paycheck – people who want to truly make a difference in the lives of others and in their community.”

In addition to the privilege of making a difference, Steinfatt said other factors make professional caregiving a good option, including:

Flexibility – Caregivers often have the freedom to choose between working part-time, full-time, nights or weekends. They can tailor their schedule around hobbies, volunteering and spending time with grandkids – whatever fits their lifestyle.

Additional income – Retirement income might be enough to pay the bills, but it’s always nice to have a little extra set aside for special gifts, vacations, etc.

Diversity – No two clients are alike and every day is different – caregiving is never boring.

Training and support – At HCAN, we make sure our valued caregivers are fully trained before they enter a client’s home, and we provide with the support they need to overcome any challenge.

Appreciation from others – Our staff, as well as the families we serve, appreciate everything our caregivers do!

Lasting relationships – Building positive relationships with clients is one of the most important aspects of caregiving – and it’s the most fun. Our caregivers often form close bonds with seniors and their family – relationships that endure long after the job is done.

If you’re ready to start your encore career and think you have what it takes to be a professional caregiver, visit or call us at 414.525.6412.