How long did Jones work at the accounting firm?

Four years ago, after an almost three-decade-long career at the accounting firm Ambrose Jones decided, at the age of 55, to retire.
    His next step? Go back to school to pursue his lifelong dream of getting a PhD in accounting and, ultimately, teach.
    Now a professor at the University of North Carolina, Jones teaches several advanced auditing classes. His work has been published in academic journals and six new research projects are underway. To be sure, he brings home a fraction of what he earned as a partner at the accounting firm, but he couldn’t be happier. "There’s a lot of enjoyment in teaching and research", he says. "It makes me feel like I’m 25 years younger".
    If the retirement surveys that almost every financial company is conducting these days are to be believed, this is a scenario that millions of adults dream of. For instance, nearly three quarters—71%—of those surveyed in a 2006 Merrill Lynch study said their ideal retirement is to continue working in some capacity.
    Granted, many retirees do so for the extra cash or the employer-sponsored health insurance, However, just as many of them want to focus on self-fulfillment. More than half of them intend to pursue new lines of work in fields that help improve their quality of life and their communities.
    They know they have another 20 to 25 good years in front of them and they want to make the most of that time. They want to do something they can feel proud of, work that gives them social reward.
    The quest for meaningful work during one’s retirement years is welcome news for talent-starved sectors like nursing, teaching and social services. Organizations like Civic Ventures and the corporate sector are now finding ways to reach out to and even prepare baby boomers for their transition into these "encore careers".
    At the end of this year, for example, the Owensboro Community and Technical College (OCTC) in Kentucky will start offering a several-clay intensive training program for retired registered nurses who want to become clinical instructors. The program’s goal is to address a severe shortage of direct-patient care professionals in the region. The Owensboro Medical Health System alone needs to add 530 employees to its staff of 3,000, but is unable to, largely because there aren’t enough qualified educators to train potential staff members.
    The Peace Corps, meanwhile, recently launched an initiative to attract more baby boomers as volunteers. The nonprofit is placing one over-50 person on the staff at each of its 11 regional offices who will exclusively focus on recruiting people age 50 and older. The goal is to increase the percentage of volunteers in that age group from 5% to 15% of its volunteer base.
    Retirees living in California with a knack for science and math will have plenty of opportunities to choose from. In June, California Governor Arnold Schwarzenegger kicked off the EnCorps Teachers Program, aimed at recruiting and training retirees as math, science and career technical teachers. In the next 10 years, California’s schools will need over 33,000 new science and math teachers, according to a release issued by the Governor’s office.
    Granted, not all boomers will be able to receive training or re-education free of charge, especially if they’re aiming at more sought-after jobs, such as managerial positions in well-known non-profit organizations. And while many community colleges now offer free career counseling for boomers, enrolling in an actual class or earning a new degree is rarely pro bono. One way or the other, going back to school will be as much a part of boomers’ golden years as it was in their teens and 20s.
    Launching your encore career—from taking time off to go back to school to living the rest of your working years with lower pay—will take a lot of careful financial planning. "A life change such as this is a golden opportunity to review your financial picture", says Gary Schatsky, a fee-only certified financial planner in New York City. Here’s a checklist of what you need to address.
    Tackle debt first: Leaving a job for a lower-paid vocation is best done without the burden of debt. At best, aim to have it all paid off before you retire.
    Adjust your spending: If a lower-paying job means you’ll have less to live on, make sure this is a lifestyle you’re comfortable with.
    Go over your retirement plans: Your final working years can have a serious impact on your retirement savings. And keep saving. As self-fulfilling as it is to help your community, your financial security should always come first.