Marci Alboher has been rethinking the world of work since she created the popular Shifting Careers column for The New York Times. Now a vice president at Encore.org, Alboher recently chatted with The Allstate Blog about encore careers.
The notion of encore careers (the term was made popular by Marc Freedman, head of Civic Ventures / Encore.org) has been percolating now for some time. But several factors today are prompting more people to pursue such jobs: undersize nest eggs, increased longevity, a desire to tackle society's ills and, in many cases, an urge to find a different kind of life.
The traditional retirement age of 65 is fading, just as the boomer generation begins hitting it. The idea of staying in one job for an entire career is also disappearing, and that can be good news for those looking to make a move. "In their 50s and 60s, people's priorities change," says Marc Freedman, founder and CEO of Civic Ventures / Encore.org. "They realize that the road doesn't go on forever. I think it causes a lot of people to re-evaluate what kind of job they want to do." Several other news outlets ran this article, including CBS News' MoneyWatch, Bloomberg Businessweek, the Austin American-Statesman and The Buffalo News.
Purpose Prize winner Connie Siskowski is helping young people who have to take care of ill, disabled or aging family members. Since 2006, her nonprofit has provided assistance to more than 500 young caregivers in Palm Beach County, Fla. For her innovative and compassionate work, CNN named her a 2012 CNN Hero.
Purpose Prize winner Randal Charlton used his second career to help entrepreneurs in Detroit get their dreams off the ground. He is now inspiring others to turn retirement into a new beginning. Watch his compelling story in this video.
For his work spurring entrepreneurship in Detroit, Randal Charlton recently received the prestigious Purpose Prize. Sponsored by Civic Ventures, the prize is awarded to people over 60 who are making extraordinary contributions in their encore careers. Charlton plans to use the award money to finance a new nonprofit called BOOM! The New Economy, which helps people over 50 start companies and shape new careers.
To mitigate his financial risks as a serial entrepreneur, Purpose Prize winner Randal Charlton streamlined his life and expenses at age 60. He rented a small apartment, had no credit card debt and built a house only when he could afford it. He drives a 10-year-old car and has no problem wearing business suits, ties and shoes from a secondhand store.
Purpose Prize winner Adele Douglass, 65, launched her encore career in her mid-50s by drawing from the passion she had for animals and creating a nonprofit promoting the humane treatment of farm animals. She cashed in her 401(k) to help make the transition. Recent research from MetLife Foundation and Civic Ventures found that finances play a major obstacle for people who want to switch to encore careers.
Many people are taking the opportunity to move into what is being called an encore career: work in later life that ideally combines personal meaning, income and social impact. In fact, an estimated 31 million Americans ages 44 to 70 find an encore career appealing, according to recent research from MetLife Foundation and Civic Ventures.
Forget retiring, millions of boomers have a second act. It's called an encore career. A recent MetLife Foundation/Civic Ventures survey of boomers shows more than 30 million Americans want to pursue a second career for the greater good instead of retiring in this economy. Experts say researching, learning new skills and volunteering in the field of your next career is key.