BACK TO SCHOOL IN RETIREMENT
For generations, retirement was a time to stop work and spend time with the grandchildren. But advances in technology and health care mean that individuals have opportunities to create a new purpose in this next act. And continuing education can help.
“Older adults have a strong desire to continue learning and expanding their knowledge,” says Rick Benbow, a vice president with Western Governors, an online school. “Higher education provides them with opportunities to pursue new interests, acquire new skills and stay mentally engaged.”
Of course, returning to the classroom isn’t something that you should just jump into. It’s important to consider the return on investment, affordability, flexibility and interest of the program before committing to it, says Michael Ryan, a financial planner and financial coach.
The first step is to think about what you want and if a full degree is needed. In some cases, a certificate will suffice. You also need to consider the time requirements. Can you juggle school and your family with professional and community requirements?
If you don’t want to spend a lot of time in the classroom, “you may prefer a program that is part time, online or allows you to take classes at your own pace,” Ryan says.
You could also simply attend class without getting a grade. The University of Wisconsin system, which includes 13 universities across 26 campuses, allows state residents 60 and older to audit classes for free. Many other states have similar programs.
The Osher Lifelong Learning Institutes, meanwhile, offer non-credit online and in-person classes and activities tailored to those 50 and older. The program has endowed 125 Osher institutes affiliated with academic institutions of all sizes, prestige levels and locations, says Steve Thaxton, executive director of the National Resource Center for Osher Lifelong Learning Institutes. Students must be members — there are about 150,000 nationwide paying prices varying from $30 a year to $950, depending on the location, Thaxton says.
Meanwhile, Arizona State University in suburban Phoenix offers a twist on the idea of going back to school: the Mirabella, on-campus senior housing. It includes 238 independent living residences and 58 health care residences, ensuring that residents can age in place. Residents receive access to lifelong learning and engagement opportunities through Mirabella’s integration with ASU, says Lindsey Beagley, Mirabella’s senior director of lifelong university engagement. There is no additional charge or tuition assessed to the residents.
Buying into the Mirabella costs between $398,000 and $1 million or more, with the estate receiving an 80% refund when the resident dies. Monthly fees to cover food, electricity and other expenses range from $2,495 to $7,592.
Regardless of what you decide to do, make sure that you can afford it. “Taking out loans for an advanced degree post-retirement can be risky, especially if you are living on a fixed income,” Ryan says.
Be sure to apply for scholarships, grants, federal aid and other programs. Also look into unused 529s that may have been taken out for children or grandchildren, says Jimmy Lee, chief executive officer of the Wealth Consulting Group in Las Vegas.