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.
Australia’s remarkable change in life expectancy (25 percent of 65-year-olds will live to 90) has created a new life stage. Far from being a time of inactivity and decline, this stage is increasingly being seen as a time of new opportunity, such as an encore career. Building on previous experience, encore careers involve new skills, growth and renewal. In the United States, the organization Civic Ventures is pioneering the idea of encore careers.
The late-life career is still a novel concept, says Marci Alboher, author of One Person/Multiple Careers and a vice president at Civic Ventures, a San Francisco-based think tank that promotes socially responsible "encore careers" for boomers. As the idea becomes more familiar, she says, "the less you will feel like a pioneer when you get out there and envision this path for yourself."
Civic Ventures helps people explore encore careers, a concept that is gaining importance as life spans expand. The organization released new research suggesting that it takes an average of 18 months to transition from one job to another – a period that often occurs after a retirement or a layoff in the form of a gap year.
In Australia, the profound change in life expectancy has created a time span of 20 or 30 years between the traditional retirement age of many workers and their old age. Active older Australians need training to prepare them for encore careers. "If the old golden years dream was the freedom from work, the dream of this new wave is the freedom to work," says Marc Freedman, founder and CEO of Civic Ventures.