Survey: Interest in Encore Careers Spikes
F. Scott Fitzgerald famously said there are no second acts in American lives, but today's boomers are showing just how wrong he was.
In the United States, as many as 9 million people between 44 and 70 have transitioned to a new career or put off retirement to stay in the work force, and an estimated 31 million more would like to join them, according to a report by Civic Ventures and the MetLife Foundation released today.
The report highlights the growing phenomenon of the encore career -- work that people pursue in the second half of life to follow a long-held passion, start a business or join a nonprofit to make a difference in their community or the world.
The number of people making the transition to encore careers is higher than ever, up 7 percent from 2008, according to the report, which was based on telephone and online surveys of 2,500 U.S. adults. Several factors -- the nation's increased life expectancy, a desire among many to give back, and lingering uncertainties about the economy and paying for retirement -- are contributing to the trend, according to the report.
"People currently in encore careers are working in education (30 percent), health care (25 percent), government (25 percent) and nonprofit organizations (11 percent). On average, they expect to continue in these roles for 11 more years," the report says.
As you weigh the next step in your work life, you might be interested in what people surveyed say about their future plans:
1. Encore Career Interests
People interested in new careers say they'd like to work in the following areas:
2. Concerns in an Era of Uncertainty
People who aspire to an encore career say they worry:
3. Financial Insecurity
In the past three years, people interested in encore careers say their financial situations have:
4. Outlook for the Future
People pursuing an encore career say they want work that will allow them to:
Are You Planning an Encore Career?
As 2011 winds down, many people are looking ahead to a fresh start in a new year. Are you contemplating a career change? Or have you already made a midlife transition? Join the conversation by sharing a comment.
Read more:
- Hot Topics: Intel Offers $25,000 Encore Career Stipends
- Top 10 Reasons People Postpone Retirement
- SecondAct's Retirement Savings Center
Previous Post: Top Boomer Business Ideas
Next Post: 7 Ways to Keep Your Brain Healthy
Comments:
Carol Ann: What a great story, thanks for sharing. Please keep us apprised of how your college experience is going. I dropped out of a master's program long ago, and even though I've taught in graduate school since, still dream of going back and finishing it. Michelle Rafter
In April I will celebrate my 60th birthday, and this past year I completed the care giving season of my life for children and parents. Last month I registered in an online college and I am scheduled to begin classes next March. Six credits have been applied from an associates degree completed following high school toward a bachelor degree in Business Admin/Finance; so I have a ways to go. The reason...everything in #4 above, and I haven't seen anyplace in the Bible where it talks about retiring.
It's interesting to see how the idea of Encore Careers is gaining momentum and popularity. These findings mimic a recent post that discussed the increasing popularity, but how a study found these opportunities are hard to come by mainly (and unsurprisingly) due to the current economy. Check out the post here: http://www.varsitybranding.com/viewpoint/index.php/2011/09/encore-career/