What's your ideal retirement look like? While the image of retirement may vary from generation to generation, more people of every age are expressing a desire for a new kind of retirement — one in which they're active, engaged and continue to work. In a recent Schwab generational study, most surveyed Americans optimistically viewed retirement not as a time to wind down, but as an opportunity for a new exciting chapter in life.

The media is definitely picking up on this theme. From talk of "encore careers" to "silver-collar workers," the idea of trying a new type of work in your later years is entering the mainstream. But if you're like me, you may be saying to yourself: "Sure. It sounds great. But is anyone really doing this? And if so, how?"

THREE DIFFERENT REAL-LIFE EXAMPLES

Interestingly, answers to these questions have been popping up spontaneously as I hear stories from friends, colleagues and readers who have made the idea of semi-retirement a reality. Here are just a few examples:

— A writer in a corporate marketing department who took early retirement found ample freelance work with her former employer. Plus, by reaching out to the marketing network she'd built over 20 years, she was able to find other clients. She now works between 15 and 20 hours a week from her home. She controls her own schedule and has a greater balance in her life — time for exercise, visiting her grandchildren and seeing friends regularly.

— A former attorney, who had also taught English as a second language while traveling in Europe during his college years, found that refocusing on this early occupation provided the answer to his "retirement." Exploring opportunities in private language schools, he now tutors visiting professionals from around the world in intensive sessions of two weeks to three months. His legal training has led to tutoring foreign attorneys. And he has the time and flexibility to combine his passion for travel and foreign cultures with his work.

— A retired engineer with skills ranging from automotive electronics to solar energy saw a need for technical classes in his local community college and applied for a teaching position. Combining his professional skills with his natural ability with kids (he was a softball coach and umpire for years), his teaching style was a hit; he now teaches four classes a week. He likes staying engaged in his field and at the same time making a real contribution to his students.

A COMMON THREAD

While these stories are all unique to the experience and skills of the individuals, in talking to them I found a common and important thread: They each had given themselves the permission to step back, take a deep breath and try something new. Rather than seeking a traditional retirement, they were all looking for a challenge. They wanted a contrast to their everyday working lives with more flexibility and control of their time. And while it wasn't easy, each was willing to make the extra effort and take the added risk in order to discover a type of retirement. I think that means being open to opportunity as well as financially prepared.

GETTING PREPARED FINANCIALLY

All the desire for flexibility and challenge in the world won't get you anywhere if you're not financially prepared. As you may have heard me say many times, you need to make saving for retirement a top priority, get out of debt, possibly pay down your mortgage and invest according to your feelings about risk.

Wherever you are on the road to retirement, take a realistic look at your progress today — where should you be to make a change in your life? Do you need to save more or spend less? Stay in your current job a bit longer?

Then consider how your earnings will complement or affect your other sources of retirement income. How much will you need to draw from your savings? Maintaining an ongoing income, even if reduced, can be a tremendous boon to your long-term financial health. At the very least having some extra income should lower the amount you need to withdraw each month. In the best case scenario, you might even be able to sock some more money away.

Be sure to factor in Social Security and how much money you can earn without jeopardizing your benefits. If you're under full retirement age when you start taking Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2008, that limit is $13,500. If you're planning to continue working, it's probably best to postpone taking benefits.

FINDING OPPORTUNITY

Beyond the financial questions, ask yourself what would make you happiest. Look at your skills. How can you capitalize on what you've already accomplished to create a fulfilling "next stage?" As you can see from the three examples above, each directly built upon their previous experience.

However, that's not your only option. If you want to explore something new, there are other chances out there. According to AARP, a growing number of companies are actively seeking mature workers in retail, health care, marketing, communications, financial services, transportation and travel — plus a lot more.

These companies recognize that older workers offer a unique combination of skill, professional experience and personal understanding. You can start by checking out the list at www.aarp.org for specific companies that provide job openings for older workers.

STRIKING A BALANCE

For many people who continue to work in retirement — whether they need to work to supplement income or want to work for a sense of fulfillment — having balance in life is a primary goal. They want to work on their own terms: to be engaged and active, and to enjoy both work and leisure. And why not?

I suggest that anyone over the age of 50 start considering opportunities for the next exciting phase of life. If you use your imagination, prepare for the financial challenges and learn from others who are already there, you, too, can look forward to enjoying the best of both worlds.

Carrie Schwab Pomerantz is Chief Strategist, Consumer Education, Charles Schwab & Co., Inc., Member SIPC. You can e-mail Carrie at askcarrie@schwab.com. To find out more about Carrie Schwab-Pomerantz and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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