[caption id="attachment_641" align="alignleft" width="200"] Vickie Austin[/caption]
Vickie Austin is a business and career coach. She’s proud to be at the tail-end of the Baby Boomer generation and she writes and speaks around the country on topics related to business and career success. Vickie is founder of CHOICES Worldwide based in Wheaton, IL, with offices in Chicago and Phoenix. You can reach her at firstname.lastname@example.org.
The statistics are staggering: By 2030, a full 18% of our nation’s population will be comprised of Baby Boomers, all of whom will have reached 65 or older. At an age when people used to retire, or at least think about retiring, Boomers are now creating history in a new way. They’ve created “the encore career” and are eschewing that old stereotype of retirement and a rocking chair for a second—or even a third—act.
Boomers Stand in the Gap
What’s caused this radical shift? There are a variety of factors, from demographics to economics. As the Baby Boomers exit the workplace, they leave a hole that the Gen X and Gen Y (also called Millennial) generations can’t fill. And people 50 plus who have amassed the lion’s share of financial assets took the biggest blows when the recession hit. According to the Pew Research Center, six out of ten Boomers say they may have to postpone retirement due to financial pressures.
The good news is that we’re living longer. According to an article by Nancy Koehn in the New York Times, the average life expectancy in the United States in 1900 was 49. By 2011 it hit 77.9 and continues to rise. Medical technology has moved the needle for retirement age along with attitudes of Baby Boomers who cut their teeth on health food and Jane Fonda workout tapes. They have no plans to “go gentle into that good night,” in the words of poet Dylan Thomas. You’ve probably already heard: “Sixty is the new forty!” (You can be sure a Baby Boomer made that one up.)
Work That Matters – Above the Fold
Marc Freedman has made a business offering resources to seniors who want to keep working. Mr. Freedman authored the book Encore: Finding Work that Matters in the Second Half of Life, and he’s leading the charge for those people who have worked hard and now want to combine passion and purpose along with an on-going paycheck. His company, Encore.Org, provides information and resources to people who want to make a transition in mid-career and beyond.
“Millions are already in the midst of inventing a new stage of life and work – the encore years – between the end of midlife and anything resembling old-fashioned retirement,” Mr. Freedman writes on the company’s website. “We’re envisioning this chapter as a time when we make some of our most important contributions, for ourselves, for our world, for the well-being of future generations.”
In Part 2, Vickie will show us the most important things to do when transitioning to an encore career.
If your thinking about shifting your career and would like to talk about financially planning for it. Give us a call:
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Posted on Thu, August 1, 2013
by Vickie Austin