An estimated 31 million people ages 44 to 70 are interested in transitioning to socially oriented encore careers, according to new survey findings from MetLife Foundation and Civic Ventures. But respondents’ answers suggest that about 40 percent are staying put because of financial problems.
Boomers apparently don't simply want to volunteer, they want to start and run their own nonprofits. In a recent study by Civic Ventures and MetLife Foundation, some 12 million boomers said they plan to start either a socially conscious business or a nonprofit during their "retirement" years. In other words, boomers plan to give back in a big way.
A new survey by MetLife Foundation and Civic Ventures estimates that 31 million people between ages 44 and 70 are interested in encore careers. But 40 percent of them say they haven't made the switch yet because they aren't secure enough financially.
As many as 31 million people ages 44 to 70 want encore careers that combine personal meaning, continued income and social impact, according to new research from MetLife Foundation and Civic Ventures. “There's a big payoff from encore careers, for individuals and for our entire society,” says Marc Freedman, founder and CEO of Civic Ventures.
Data show millions of Americans are already in what social observers call "encore careers" and millions more want to join them. A recent study from MetLife Foundation and Civic Ventures says 9 million Americans between ages 44 and 70 have encore careers, up from 8.4 million in 2008.
According to new research from Civic Ventures, 31 million people ages 44 to 70 want encore careers combining personal meaning, continued income and social impact, but they have trouble making the financial transition.
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.
Many people dream about launching a second career in a field they have always wanted to try. But the transition into an encore career can be a long and costly process. Most people earn a significantly lower amount of money (43 percent) or no money at all (24 percent) during the transition from one job to the next, according to a recent MetLife Foundation and Civic Ventures survey.
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.
One of the most obvious sectors for new jobs is health care. And you won't have to become a gerontologist at age 65 to find a position. "There are certain areas in the workplace where having life experiences and having witnessed and lived through some health events yourself is useful," says Marci Alboher, vice president at Civic Ventures.