Survey Highlights Challenges in Transitioning to Encore Careers

While as many as 31 million people ages 44 to 70 want encore careers that combine personal meaning, continued income and social impact, a study from The MetLife Foundation and Civic Ventures reports that millions of these people face difficulties in making the transition from earlier work to encore careers, necessitating new approaches and tools to help experienced workers plan and finance a transitional period to a successful encore career. In addition, the report states that, of the 9 million people who are already in encore careers, two in three experienced reduced or no income during the transition to their encores.

"Bridging the Gap: Making it Easier to Finance Encore Transitions" also found that 40% of those surveyed do not feel secure enough financially to make a career change in this economy; 29% do not know which type of job or career to pursue, and 16% do not have the time to explore a new career. Those who are interested in encore careers plan on working longer:

The economic downturn is spurring longer working lives. Those who are not already retired say they plan to work to an average of 65.8 years old, 2.1 years longer than they thought they would before the downturn.

People currently in encore careers expect to work even longer, to 66.5 years old on average. Those interested in encore careers expect to work until 66.2 years on average and plan on working 23.4 hours per week for 8.5 years in their encore careers.

Based on the survey, a number of recommendations have been put forward, including: more encore financial planning, new savings options, accelerated accessible and affordable training, encore education assistance, entrepreneurship support, and Social Security flexibility.Source: Encore Careers News Release (March 21, 2012)