A recent survey done by American human resource company Paychex revealed that one in every six retirees contemplated going back to work, while 55 per cent went back to work due to financial challenges.

Sixty-two per cent of human resource managers, however, have reservations about employing retirees. It is my considered view that some retirees were not prepared to retire and, therefore, sought re-entry to the workforce in order to remain active as well as make meaningful contributions to society, while others are just not able to cope financially in retirement. At the same time, with most societies ageing, the demand for caregiving is increasing among women who are not given the opportunity to re-enter their former place of work.

The traditional view of retirement is changing from that of leisure, travel, and freedom, and the end of a professional career to the harsh reality of unfulfilled dreams, stress, and an uncertain future. This situation, however, provides opportunities to create new professional paths in retirement that offer fulfilling employment, especially for women who earned less than men during their traditional careers.

Caregiving is one profession that offers opportunities to women in retirement. For some women, they were already functioning as unpaid caregivers before retiring, as the responsibility of taking care of children, grandchildren, and the elderly fell squarely on their shoulders.

One of my clients who retired in her 60s is now gainfully employed as a caregiver for her grandchild. She was one of those retirees who had re-entered the work world as self-employed. This retiree was working as an interior designer but a work proposal by her son and his wife resulted in her giving up that career to work full-time as a caregiver for her family. She has no regrets as she shared the joy and fulfillment experienced in spending time with her grandchild while earning at the same time. In addition, and importantly, she now earns more as a caregiver than working as an interior decorator. This client continues to make regular deposits to her investments. She knows that the future is uncertain and planning for that uncertainty is key. Remember that it is important for retirees to build emergency funds and also invest long term for future needs as no one knows how long the retirement years will be. Therefore, it is best to invest for the future than to only live for now.

Caregiving can be a lucrative business. As the society ages, more elderly will need long-term in-home care or caregiving services in registered homes for the elderly. Long-term health care insurance is not available in Jamaica and is very costly overseas. This is the reason I encourage employees and self-employed individuals to start their investment journey early and to save and invest often. Last week I received a call from a Jamaican who lives in Canada. She found one of my Sunday Observer articles online while researching for long-term care insurance for her mother. We discussed options to assist her elderly mother, who lives at home in Jamaica and needs long-term health care.

This reader discovered that in-home health care for her mom would prove quite costly. Her solution is to sell the home and secure a home that offers long-term care for her mom. The funds from the sale of the family home will be invested to provide monthly income that will cover her mother’s health-care and other expenses. Her mother is a pensioner. Again, this scenario underlines the importance of long-term investing to supplement pension income in retirement.

Retirement can be very expensive. A report by US-based Transamerica Corporation stated that a 2020 study revealed that in 2019 one in five Americans provided unpaid caregiving service to their loved ones who have “health or functional needs”. Formal caregivers are paid for services offered. Other studies have shown that some informal (unpaid) caregivers have accessed loans or tapped into their retirement savings to provide unpaid caregiving services for their loved ones.

Based on a survey by the Association for the Advancement of Retired Persons (AARP), approximately 75 per cent of adults over age 50 prefer to grow old in the homes where they now live. There is, therefore, the need for in-home caregiving services, which can prove costly or inconvenient for families who are responsible for the elderly. Professional caregivers will be in demand in the future whether they choose to work in the family homes or with caregiving facilities. For retirees who seek to re-enter the workforce, the caregiving profession is ideal for women who seek part-time or full-time employment as retirement income.

American writer and former first lady Eleanor Rosalynn Carter had this to say about caregiving, “There are only four kinds of people in the world – those that have been caregivers, those that are caregivers, those who will be caregivers, and those who will need caregivers”.

Grace G McLean is a financial advisor at BPM Financial Limited. Contact her at: gmclean@bpmfinancial or visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. E-mail her at livingaboveself@gmail.com