Reinventing retirement is becoming increasingly common among contemporary older adults. We’re either staying in jobs we love well after the typical retirement age of 65 or taking short breaks before starting our own businesses or launching consulting careers. And a considerable number of us are going back to school to pursue subjects of interest.
One of the most popular post-retirement options is the decision to enter into an encore career. Defined as “work in the second half of life” it combines three things: continued income, finding purpose and the desire to have a social impact.
Kerry Hannon, a retirement and career transition expert reporting for Forbes, wrote in 2011 that 9 million Americans ages 44 to 70 were already in post-retirement encore careers (up from 8.4 million in 2008) and that another 31 million people expressed interest in the idea. According to Hannon’s report, the most common fields for encore careers included education (30%), healthcare (25%), government (25%) and roles in nonprofit organizations (11%).
This begs the question: If retirement is so rosy, why are so many older adults choosing to stay in the workforce past traditional retirement age? In her book Encore Career Handbook author Marci Alboher cites several reasons, including:
- A desire to stay physically active and socially involved
- Truly enjoying work and not wanting to quit
- Wanting to give something back to the community
- Keeping health insurance and other benefits
- Increasing retirement savings
- Maintaining financial independence
A Desire to Stay Active and Socially Involved
Today, people in North America live roughly 30 years longer than they did in 1900. Average life expectancy in the United States is 79 and in Canada it’s 81, and these numbers are on the rise. With life expectancy at an all-time high, one of the traditional functions of retirement — easing into old age in a leisurely manner — is no longer necessary.
Of course, everyone has a different opinion on the subject of aging. Gender and age and experience all greatly influence our attitude and outlook on growing older. However, new research touts the psychological and physiological benefits of maintaining social interactions through work (or otherwise) in our 60s, 70s and even 80s.
The Greater Good Science Center at the University of California, Berkeley recently published a study finding older adults who had frequent social interactions experienced 70% less cognitive decline than those who rarely interacted with others. The same researchers found that social activity is also closely related to motor function.
Ageism and Encore Careers
Health benefits aside, ageism and outmoded assumptions and stereotypes about older adults do persist in the workplace, namely that individuals do their best work before the age of 60, or that older adults should retire to make way for up-and-coming young adults.
Many older adults also find that those around us, often our family, friends and coworkers, don’t really understand the desire to continue working past traditional retirement age. Confronting these deeply ingrained cultural assumptions about work and retirement can make the decision to pursue an encore career challenging at times.
“You’re too old to be working; you should retire, you’ve earned it.” Although well intentioned, comments like this can have a negative impact on our self-confidence and attitude about aging.
How to Ease Into an Encore Career
Let a life coach in says Colin Milner, CEO of the International Council on Active Aging and a leading authority on the health and well-being of the older adult. “Even the best athletes and executives rely on a coach. By working with a life coach you can explore what you really want to do with your life, and put a plan in place to achieve your goal.”
Milner also advises older adults to continually sharpen their skills. “If you want to continue to work and stay relevant in your job, ask your employer or a career counselor about skills to develop or hone. Or consider changing positions. If you’ve spent years on the factory floor, you may need to move to a position that’s less stressful on your body.”
Many colleges and universities also offer free or reduced tuition for older adults. Check out your local higher education establishments for details. Though you may not be pursuing a degree, taking a handful of courses may be exactly what you need to help make a decision about starting an encore career.
