The postsecondary landscape is always changing, and these days, with the advent of virtual learning, there are more education options than ever before. One other postsecondary norm that’s changing? It isn’t just high school graduates and millennials who are taking advantage of the many college degrees and certificate options that are available to them – baby boomers are enrolling in college again as well. The need for supplemental income in retirement has prompted many seniors to return to the workforce, and because of changing industries and technologically heavy skill sets required by many jobs, seniors are also returning to school. Read on for more about why retirees are earning extra income and the other benefits of returning to college:
More seniors than ever are returning to school to find a new career.
The state of retirement
So, why is it that baby boomers aren’t able to afford retirement? Many economists claim it’s largely due to an increasing lifespan. Because healthy seniors are expected to live into their 80s or 90s, if not longer, retiring at age 55 or 60 would mean having to save enough money for nearly 30 years of retirement. And staying in the workforce a little longer can help boomers save more retirement money, allow their savings and investments to accrue thousands of dollars in added interest and put off dipping into those accounts.
The advantages of education for seniors
Putting off retirement isn’t necessarily a bad thing. For many seniors, earning supplemental income means heading back to college to pursue a completely new career, which is a very exciting step for many – especially for those seniors who want to pursue a passion they may not have had time for before. Plus, with online degree and certificate programs, seniors can enjoy the flexibility and convenience of earning a new degree virtually. And what’s more, there are tons of career options, such as medical billing and coding or medical transcription, which will allow seniors to enjoy the same work-from-home flexibility as distance learning.
The financial benefits of distance learning
Everyone knows how costly college can be, so it may seem a little counterintuitive to return to school in order to supplement a retirement fund. However, another benefit of online education is that it’s often much less costly than brick-and-mortar campuses. Plus, career training programs, rather than those for earning a degree, cost even less and can be completed in as little as four months.