Nearly three-fourths of Americans expect to work after retirement. Just over half say they will work by choice, but many say they will have to work out of necessity. Intel recently announced that it is working with Civic Ventures to provide a new option for its retiring employees: an Encore Fellowships program in which Intel will match interested workers with nonprofit organizations. This article also appeared in Kiplinger's Personal Finance.
A new phase is opening up between the middle years and late life, one that parallels emerging adulthood on the other side of midlife. But what do we call this phase? What term will reflect the importance of a period of life that holds so much potential? Civic Ventures founder and CEO Marc Freedman opines.
We’ve been moving away from the notion of retirement as a carefree period of leisure for at least a couple decades. Willfully fading away to irrelevance makes no sense when you realize that you have another 30 years. Looking at the new mortality tables, millions of retirees began to want to do something with their time. This notion resonates with a survey by Civic Ventures and MetLife Foundation, which found that 31 million people ages 44 to 70 say they want encore careers, to give them a sense of meaning and accomplishment.
Boomers are a talented, smart and sometimes driven group. Many care deeply about their communities. New research from Civic Ventures and MetLife Foundation says that 12 million boomers intend upon retirement to use their experience to develop new nonprofit organizations. Boomers' good sense and their motivation can make a better world.
The growth of Encore Fellowships is proving that corporate executives nearing retirement age have much to offer the nonprofit world. The first such fellowships were piloted by Civic Ventures in 2009, when the organization placed 10 former corporate executives in paid fellowships at nonprofits. The fellows received a $25,000 stipend in exchange for up to a year of nonprofit experience.
Randal Charlton’s efforts at Detroit’s business incubator TechTown, where he was the executive director from 2007 until the end of October – and the turnaround in his personal life – landed him one of five $100,000 Purpose Prizes, which honor Americans over 60 who are developing new ways to tackle social problems. In this article, Charlton shares crucial lessons that can help people who want to start their own businesses.
Approaching age 55, Cheryl Edmonds became eligible for retirement from Hewlett-Packard. She took the opportunity to explore other interests, including training Peace Corps volunteers in China. Then she learned of the Social Venture Partners Portland Encore Fellows program, which helps experienced corporate professionals transition to jobs at nonprofits. As an Encore Fellow, Edmonds now works as a volunteer coordinator at a Portland, Ore., nonprofit.
Looking for a second career? Civic Ventures offers Encore Fellowships in seven states. These fellowships, which carry a small stipend, give retirees the chance to use their skills during full-time or part-time commitments at nonprofits, and perhaps segue into an encore career with meaning.
The folks at the Southwest Initiative Foundation in Minnesota had a hunch. The population it served was aging, and those older than 55 were hardest hit by the recession. So the foundation, which makes microloans and counsels new business owners, began to target encore entrepreneurs. One such entrepreneur is 2011 Purpose Prize fellow Andy Wells, who helps Native Americans and their neighbors train for factory jobs. The prize honors social entrepreneurs 60 and older.
Edward Mazria, architect, founder and CEO of Architecture 2030 was awarded this year’s Purpose Prize. His work over the past eight years, after founding Architecture 2030, has set numerous environmental goals for the building industry. It has also brought many issues of sustainable design to the forefront of conversations and policies about buildings and their construction.