Career change among the boomer set is trending. New research from Civic Ventures shows that as many as 9 million people ages 44 to 70 are already in encore careers that combine personal meaning, continued income and social impact. That’s up from an estimated 8.4 million in 2008.
As many as 9 million people ages 44 to 70 already have chosen encore careers, putting their experience to work for the greater good, according to a new MetLife Foundation/Civic Ventures study. Another 31 million are interested in joining them, adding to their list of job benefits personal meaning and a connection to something larger than themselves.
Today, thanks, in part, to an organization called Civic Ventures many people of traditional retirement age are asking themselves what is next for them. Research from MetLife Foundation and Civic Ventures shows that as many as 9 million people ages 44 to 70 are already in encore careers that combine personal meaning, continued income and social impact.
Starting a business isn't just an activity for young, scrappy dreamers. Entrepreneurs age 55 and older are more experienced in weathering economic downturns, and some studies suggest this is a growing segment of small business owners. "There's definitely a boom in boomer entrepreneurship," says David Bank, vice president at Civic Ventures.
Our notions of old age are old fashioned, reflecting a time when the typical 60-something was physically worn out from laboring in an auto plant or some other factory. In recent years, scholars in a range of academic disciplines report seeing signs of a new stage of life between the prime working years and full retirement. (This article also appeared in National Journal.)
The good news about living longer is typically greeted with dire mutterings about living standards plunging as spendthrift boomers live to a ripe old age. Yet there are strong reasons to believe that the age apocalypse won't arrive as advertised. "The narrowing of time left to live changes people's values and priorities," says Marc Freedman, founder and CEO of Civic Ventures. "Now there's enough time because of increased life expectancy to do something about it."
Reuters columnist John Wasik announces his top book picks of the year, including The Big Shift: Navigating the New Stage Beyond Midlife, by Civic Ventures founder and CEO Marc Freedman. Wasik writes, "If you're hitting the sweet spot between middle age and retirement, you need to read this book." (This column also appeared in the Chicago Tribune.)
Our notions of old age are old fashioned, reflecting a time when the typical 60-something was physically worn out from laboring in an auto plant or some other factory. In recent years, scholars in a range of academic disciplines report seeing signs of a new stage of life between the prime working years and full retirement. (This article also appeared in The Atlantic.)
A recent report from MetLife Foundation and Civic Ventures estimated that 9 million people ages 44 to 70 are already in encore careers, up from 8.4 million in 2008. Of course, you don’t have to find a completely new career, but you should at least research everything you can about your particular industry.
As executive director of Detroit business incubator TechTown, Randal Charlton saw that a third of TechTown startups were created by seasoned professionals, many over 50. That observation gave the 71-year old entrepreneur and Purpose Prize winner an idea. In November, Charlton left TechTown to create Boom! The New Economy to promote entrepreneurial development among the 50-plus segment.
