What to Consider When You Want to Go to School in Retirement
As graduation looms for many high school seniors, they may not be the only ones planning to continue their education.
Adult education is becoming increasingly popular among retirees who are searching for their next chapter. It’s becoming so popular that more universities are looking to add or bolster their offerings in anticipation of an influx of retirees, according to MarketWatch, which also reports that the number of adults aged 65 or older is set to outpace those who are 18 years old by 2034.
Continuing education programs for adults can vary. Some older adults may choose to earn a new degree on an alternate student route. Some may opt to find a new passion for cooking or photography, while others explore options for a new career by dabbling in a variety of courses. Regardless, returning to school in retirement is no easy feat, and it’s important that you consider all of the variables. Here are a few items to keep in mind before enrolling.
How will you pay for school?
Higher education costs money, and you may not have considered that when you begin saving for retirement. Will you work longer to supplement your retirement savings for potential classes or will you find part-time work? Can you swing the cost without sacrificing your lifestyle?
Is your lifestyle conducive to going back to school?
Classes take commitment. Regardless of what you study, you will have to make time for homework and practice. This may mean playing fewer rounds of golf or taking your homework with you to visit your daughter. Can homework fit into your life again?
What is motivating you?
You may want to go back to school in hopes that you can start your own business, or maybe you have always been curious about playing the piano. Those are two very different motivations! Be honest with why you want to return to school so you spend money on the right classes for you.
Going to school isn’t strictly a young person’s game. You can boost your education, find a new passion, and start your next chapter with the knowledge you need to thrive. All you need is support! If you need help discerning how your financial future can support your next educational endeavor, contact our team at Patriot Wealth today.
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