Roundup: Baby Boomers and Their Encore Careers
For many baby boomers, retirement is only the beginning. While people may look forward to all the free time that retirement offers, many seniors are finding that they’ve become too accustomed to the work hard, play hard lifestyle after decades in the workforce.
So, it’s no surprise that a growing number of seniors are spending their “retirement” working encore careers. Whether freelancing, starting a business, volunteering or heading back into the office, this month’s roundup takes a deeper look at Baby Boomers’ desire to remain a part of the workforce, even after leaving it.
1. Baby Boomers Make the Perfect Freelancers
Despite having to combat stereotypes of being technological laggards, a growing number of Baby Boomers are making a name for themselves as freelancers in the lucrative tech sector. Surprisingly, 49% of all tech freelancers are over age 50, according to a 2018 self-employment survey conducted by Freshbooks.
Learn the five reasons why Baby Boomers are excelling in their encore careers in the tech sector on Entrepreneur.
2. Discovering New Talents in an Encore Career
Some people find their professional calling a little later than others; real estate executives turn into photographers and doctors trade in their stethoscopes for a law enforcement badge. In this article, writer Ana Veciana-Suarez reveals the passion that led to her encore career: acting.
Read more about Veciana-Suarez’s acting pursuits in the Miami Herald.
3. How Different Generations Think About Retirement
Here’s a statistic for you: 52% of people across all generations want to do something during their retirement years, whether it’s working in an encore career, starting their own business or dedicating their time to volunteering. Despite this similarity, Baby Boomers, Gen Xers and Millennials all have different priorities in retirement.
Find out more on The Street.
4. Retirees Look to Non-Profits in Encore Years
While they may still be C-level executive, directors and managers now, 21 million adults between ages 50 and 70 said they would like their next career to address social needs, according to a 2014 study conducted by Encore.org and market research firm Penn Schoen Berland. Suzanne Armstrong, 69, is one of many Boomers who have already left the business world for the hourly pay of the non-profit sector.
Find out more about how Armstrong is making a difference in the non-profit sector in this article from Kiplinger.
5. Many Boomers Still Waiting for the Joy in Retirement
Seemingly everyone looks forward to the joys of retirement, but when they finally reach this stage in their life, they’re unprepared for the idleness after spending 40+ years in the workforce.
Retirement is a chance for older adults to re-discover who they are and dedicate that renewed sense of purpose toward the next phase of their life, be it an encore career or volunteer opportunities.
Read more about how older adults are re-building their identities during retirement in this article from Market Watch.
Takeaways and Insights
This generation of older adults is re-shaping their thoughts on retirement. Are senior living industry professionals doing the same? While visions of unlimited relaxation are nice, it seems as though they don’t resonate with Baby Boomers in the same way they did with previous generations of retirees.
When trying to appeal to prospects (especially those on the younger side) consider positioning your community as a place where they can live, work and enjoy the benefits of being retired. Be their leading resources for encore career and volunteer opportunities, while offering programs and amenities that they will enjoy for the times when they would rather enjoy some of the more traditional aspects for retirement.
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