Pearls of Wisdom: Following your Passion into an Encore Career
Did you know that traditional retirement, the idea of taking an endless vacation starting in one’s fifties or sixties, is losing it’s appeal? As people enjoy longer, healthier lives we are seeing more interest in a new concept among our early-retiree clients – pursuing an Encore Career.
More and more folks are finding that as they come to the end of a prolonged working period, they’re not quite ready to truly slow down. Instead, many middle- to late-age adults are focusing on making an impact, building purpose, and creating a legacy.
Recent research has shown that 4.5 million Americans are already working in an “encore” career, pursuing activities that bring together passion, purpose and a paycheck. And there are 21 million more who wish to do follow a similar track once their primary career ends. These second acts last about a decade, so that’s roughly 250 million years of talent that could be put to solving significant needs.
The biggest barrier to making the transition from work to having the freedom to work is having sufficient financial resources. Often, the work that’s closer to one’s sense of purpose may be less lucrative than what they were doing previously.
It can also be challenging to afford the cost in time (and money) to retool for a second act, especially if it will involve going back to school, completing an internship program, or even taking time off to explore possibilities.
Lastly, because the concept of transitioning to an encore career is relatively new, people who are interested in this idea may feel like a pioneer. If they don’t know of anyone else following a similar path, it can feel like a lonely, confusing and arduous process, and may take months or even years to navigate.
To learn more about this second-act movement, we have a few of resources to suggest:
- The website at Encore.org. This organization is dedicated to advancing the idea of leveraging skills and talents of experienced adults to improve communities around the world.
- The book, “The New Retirementality”, by Mitch Anthony, is full of ideas
- And of course, your planner is always happy to brainstorm ideas, work through potential roadblocks and help you achieve your optimal retirement dreams, too. Let’s plan it so you can live it!
Written By Kimberly S. Baker, CFP®