What older workers should seek in a last job

College graduates get a lot of advice this time of year about what to look for in a first job, but what should older workers seek in a last job?

Retiree health benefits, long-term care insurance, retirement-income planning advice or a robust alumni networking program might top the list, depending on your own situation, of course.

“I do hear late-career candidates talk in terms of having that last, big job in them,” said John Challenger, chief executive officer of Challenger, Gray & Christmas Inc., an outplacement firm. “What’s important to them in terms of benefits depends on how prepared they are for retirement already.”

Someone looking to make up for skimpy savings might value salary over retiree medical benefits because that person will likely be working until at least Medicare eligibility anyway, for example.

How to think about your own priorities?

When negotiating the particulars of the job, think shorter term, Challenger says.

“With that last job, you want that to be more front-loaded with salary, with less pay at risk down the road,” he said, unlike taking a job at midcareer or earlier, when it might make more sense to take a chance on incentive pay, such as stock options, or on big pay raises as the company grows.

On the other hand, deferring some compensation can help lower an employee’s taxable income as pay gets stretched into the first year or two of retirement. If your company offers that, keep the amount of pay that is subject to performance measures to a minimum, Challenger said.

Fortune recently published a list of 30 employers with the best retirement benefits, highlighting standout firms that offer retiree health benefits, long-term care insurance and 401(k) matching funds. The magazine also highlighted employers who offer phased retirement programs, allowing older workers to downshift into part-time positions before full retirement.

As with many of these lists, the top workplaces offer an embarrassment of rich benefits compared with the grim reality that many millions of workers don’t have access to even a company match on contributed 401(k) funds.

But if it’s your last rodeo, at least be sure to explore how your new company stacks up in the areas that mean the most to you:

Retiree health

Don’t hold your breath for company-subsidized health insurance if you plan to retire prior to Medicare eligibility.

Phased retirement

Jan Whittaker, an operations administrative specialist at Baird who is retiring this summer after a 47-year career, will take advantage of another retiree program, coming back as a fill-in worker occasionally.

Second-career building

Retirees hoping to downshift into a second career after their last big job should look for opportunities to mentor – and be mentored by their younger colleagues, who can teach them new skills, experts said.

At Intuitive Research and Technology Corp. in Huntsville, Ala., No. 1 on the Fortune list, soon-to-be retirees are matched with teams of younger workers to share specific skills. That kind of leadership and teaching can translate nicely to second careers in retirement.

This story was originally published June 21, 2016 at 10:06 AM with the headline "What older workers should seek in a last job."