Do you perceive retirement as an end to your long and fulfilling career? Well, for many Americans, retirement is the new beginning! How do you plan to make the most of your newfound free time and financial security?
Thinking traditionally, you might be planning vacations, devoting time to your favorite hobbies, or spending memorable moments with your grandkids. However, recent trends reveal that an increasing number of U.S. retirees are considering returning to college. How about expanding your social circle while engaging in lifelong learning in your golden years?
How Is the Retirement Landscape Changing in the US?
Retirement brings you the opportunity to redefine your life. Returning to college in retirement can be both physically and psychologically stimulating. Besides, you can embrace a new educational journey, expand your knowledge, and foster intellectual growth.As a retiree, you would be living on a fixed income. So, it’s natural to try and avoid big tuition bills that might potentially come as a part of your educational process. Fortunately, many U.S. institutes have designed programs for older individuals that come at just a fraction of today’s educational costs.
For instance, Osher Lifelong Learning Institute provides non-graded and non-credit courses for adults above 50. This program, funded through the Bernard Osher Foundation, involves a network of 122 colleges and university programs throughout the United States.
The Osher Lifelong Learning Institute under Berkshire Community College charges just $60 a year as a membership fee. The fee structure of their sessions has been designed at $50 for each class.
Why Return to College in Retirement?
Check out why so many U.S. retirees are returning to college after their retirement.1) Earn More Money as a Retiree
How about exploring new earning prospects to ease up your finances during retirement? Learning a new skill would help you engage in side hustles like web designing or affiliate marketing. With the earning prospect looking promising, a significant number of U.S. retirees are returning to college.2) Foster Social Connections
While you return to college as a retiree, you can rediscover your spark of life. Being a part of a learning environment brings you a new social circle of professors and students.3) Gain New Perspectives to Realign Concepts
How about broadening your perspectives by learning from people from different walks of life? Maybe, the person sitting next to you is much younger and comes from a different background altogether. It’s all about exploring a new way of life during your retirement and imbibing valuable lessons in your life.4) Start a New Business
Many retirees continue engaging in businesses and side hustles late into their 70s. How about starting a new business and strengthening your finances with your newfound skills?Five Tips for Retirees Going Back to College
Getting back to college as a retiree shouldn’t drain your savings! Here are a few guidelines that should keep education affordable while fostering continual mental stimulation.1) Avail Senior Citizen Tuition Waivers
As a senior citizen, you can qualify for a tuition fee waiver at certain colleges if you fulfill their requirements. Thus, you get the opportunity to earn college credits at no additional tuition cost.State residents aged 60 and above in Massachusetts have the option of enrolling in graduate or undergraduate courses at state and community colleges. This includes the University of Massachusetts, where you need not pay any tuition fee. However, some minor charges may be applicable.
2) Use Your 529 College Savings Account Leftovers
Do you know that you can use the 529 College savings account leftovers from your kids’ education for your own classes? Even if you don’t pursue a specific certificate or degree at retirement, you can make the most of these savings.3) Use Campus Amenities
Well, engaging in education in your retired life isn’t the only way to make your days happening. In colleges, you can attend concerts, meetings, and conferences. Then there are sporting events and free libraries to attend. This way, you can ditch expensive library memberships you might have otherwise gone for. Other athletic facilities and campus benefits come as a bonus.4) Embrace a Campus Life
In some colleges, you have retirement communities close to the campus. Being a part of these communities, you can enjoy a vibrant campus life. Whether it’s exploring new learning experiences or socializing with others, you have tons of interesting avenues to explore.5) Attend Audit Classes Free of Cost
Many retirees prefer attending audit classes at colleges for free. As a part of this academic environment, you can attend interesting lectures to stimulate your interest in the desired field. These classes don’t require you to do any homework or academic projects. Neither are any grades or credits provided as a part of free audit classes.Things to Consider When You Go Back to College as a Retiree
While the idea of returning to college turns out to be stimulating for retirees, you need to think of the practicality of the idea. Here are certain aspects which require serious thought from retirees.1) How Committed Are You to Learning
Being a part of college after retirement, you would be channeling your time, efforts, and money to learn something new. A goal-oriented approach on your end would help you make the most of these learning opportunities.Before enrolling, carefully consider your commitment level in terms of interest and time. Accordingly, you may decide to curtail time on other commitments and allocate time to studying.
2) Have You Considered the Opportunity Cost of Learning?
It’s great to pursue learning at an old age. However, have you factored in the opportunity cost, like time and resources, that you are going to allocate to pursue education? Would going back to college enhance your quality of lifestyle in any way?Maybe, you could engage in something more productive with the same resources. Starting a business from home in your field of expertise, for instance, may turn out to be a more profitable activity rather than studying.
3) Will the Course Help You Earn More?
As a retiree, you need to give serious thought to your learning path before you enroll in a course. You might decide to upgrade your existing skills while remaining in the same industry. However, a large section of retirees prefer switching careers after retirement. So, you might be bracing up to imbibe a whole new set of skills.4) What Degree Would Be Ideal for You
Depending on your interests and industry trends, you need to decide on the degree to pursue. With a Master’s degree, you can land a teaching position at the college level. However, with layoffs becoming frequent as a result of corporate reorganization, you might decide to gain more tenacity through a Ph.D. degree.A Personal Choice!
A transformative and rewarding experience awaits you as you plan to get back to college after retirement. With careful planning and commitment, you can make the most of these opportunities. Foster stronger social connections and nurture your mental growth while striding ahead to fulfill your personal priorities after you retire.With lifelong learning, retirement can embrace a vibrant and purposeful lifestyle. While beaches and vacations continue to be the norm, reconsidering college education brings several advantages to the table.
After all, it’s never too late to invest in yourself! Pursuing education as a retiree can be a gratifying indulgence with years of leisure hours waiting for you.
