Diane McDonald, business lawyer, financial planner, college professor and author of Personal Finance: Tools for Decision Making (1999, Southwestern Publishing), enlightens us: "Mandatory retirement is quickly becoming an archaic dinosaur. With many people now retiring at 55 or 60 - they can have 20 to 30 years of life left. Working will be a necessity once they do hit their 60s, since their potential social security income might not be enough, even with retirement savings, to get by for the long lifespan people are living. A big mistake many make in their financial planning is thinking their cost of living will decrease dramatically. Retirement is never as cheap as people expect. The reality is that most people need to make 80% of their working salary to afford their retired lifestyle. It actually may be more than that, depending on a person's health, since medical expenses (insurance premiums, non-covered medical care, prescription drug costs) can easily eat away at savings," she warns.

Consider the facts: a recent survey conducted by the Employee Benefit Research Institute of employees nearing retirement age stated more than two-thirds of workers intended to work for pay after they retire.

A Business Week survey of people hitting retirement age revealed that 67% of those polled said they wanted to work but sought positions with: Lower stress, flexible hours, enjoyment derived from performing the work and the feeling of making a difference.

So what about age discrimination? Enthusiastic, productive workers are wanted by employers no matter what their age. In fact, maturity is often an asset you can sell, i.e. "I've had a great deal of experience handling and solving specific kinds of problems." Nonprofits, governmental agencies, colleges - all seem to see the value in older workers. So does corporate America. At this stage in your life you have a choice. Look for companies that embrace mature, dependable workers. Pick an organization reflective of your goals and objectives.

Make yourself appealing to an employer. Start by getting a modern hairstyle and professional clothes that fit nicely. Offer evidence of recent ideas for improvements in your most recent job or company. Do state your past accomplishments. If you give the impression that you're coasting, or desperately working just for the paycheck and are essentially dead weight, that's a hard package to sell in today's economy. Show some interest and enthusiasm for any potential job. Employers look for workers who will obtain results. Give good examples of your past experience - examples that show how productive you have been and will be for them. People who act like assets - not tired, burned out job seekers just needing cash - will be most likely to land the interesting jobs, no matter how old they are.

I distinctly remember a client who had four job offers all at once. Her white hair and 67 years weren't obstacles at all when she wanted a new "post retirement" fundraising job, because her enthusiasm and innovative ideas made everyone want to hire her. Make your golden years truly golden by working at something you love and enjoy!

Go to The New Retirement Era: Part 2.