6 Steps to Finding Your Second Act in Retirement

After a decades-long Wall Street career, Russell Abbott was ready for a change. He had worked as a hedge fund manager and a director in the fixed income department at Credit Suisse, and the long hours and high intensity took a toll. "You start to age out of financial services," says Abbott, 67. His two children were grown and he was in a financial position to retire, but he wasn't ready to step out of the working world for good. He just hadn't figured out what might come next.

"I felt I still had more to give, and I wanted to brainstorm with people I respected and find out where my perceived wisdom would be of value," Abbott says. After a few years of exploring an alternative career path--first at a start-up that recruits young executives for nonprofit boards, then through a paid fellowship at a local nonprofit--Abbott found the balance he sought and built an entirely new professional network.

These days Abbott works three days a week as the chief administrative officer for Extreme Kids & Crew, a New York City nonprofit that provides after-school enrichment programs and other activities and support for children with disabilities and their families. He earns well below six figures--nowhere close to his corporate salary--but money is not his primary motivation. He's using his skills where they are valued, and the additional income is