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June 27, 2016

Opinion: Nonprofit Work Can Pay for Retiring Baby Boomers

Nonprofit work is a good option for baby boomers who are looking for a source of income, and of purpose, as they reach retirement age, a New York Times financial columnist writes.

Christopher Farrell, who writes about retirement issues for the Times' Your Money column, says it's easier than ever for retirees to make such a switch as nonprofits recognize they need sound managerial skills to carry out their missions, and as charities and businesses increasingly share ideas and talent.

Labor trends also make the timing propitious, Mr. Farrell notes, citing federal jobs numbers. From 2007 to 2012, nonprofit employment grew from 10.5 million to 11.4 million, an 8.5-percent gain, while the private-sector work force decreased by 3 percent. A survey this year found that 57 percent of nonprofits expect to create new jobs in 2016, up 7 percent from last year, while only 36 percent of private companies said they planned to add positions.