Boomers already moving into second careers
By MATTHEW DEMBICKI, Published July 6, 2008

Baby boomers aren’t just saying they plan to take up new careers in public-interest fields, they are already doing it.

Between 6 and 9.5 percent of the 78 million people ages 44 to 70 have taken up second careers, according to a new survey. And about 45 percent of boomers ready to retire have expressed interest in such “encore careers.”

Providing more access to retraining and education programs and providing more online resources to help people find encore careers were noted as a few ways to help people transition into new careers.

More than a third of people considering encore careers were worried about the need to learn technologies and skills or going back for certification, the survey showed.

Community colleges were noted as in the forefront of serving boomers switching careers.

“There is such as wealth of resources at community colleges,” said Sibyl Jacobson, president and CEO of the MetLife Foundation.

Marc Freedman, founder and CEO of Civic Ventures, a think tank on boomers, work and aging, agreed that two-year colleges are already providing such training and adjusting to the needs of career switchers, especially those interested in careers in education and health care.

“All the pieces are there to make this work,” Freedman said of developing successful training programs.             

Several new national initiatives, such as the Plus 50 Initiative (see story below), coordinated by the American Association of Community Colleges, and the MetLife Foundation’s and Civic Ventures’ Encore Colleges initiative, are helping community colleges prepare for boomers who are seeking courses to transition into new careers as well as for personal enrichment.

Interest in second careers among older Americans is growing in part because many of them believe they have to work longer for income and benefits, especially health insurance, according to the survey sponsored by Civic Ventures, with funding from the MetLife Foundation.

That may prompt companies, especially those facing worker shortages, to reshape job descriptions and adjust pay and benefits, particularly for volunteers and part-time employees.

“As boomers age and economic need forces people to work longer, many programs that have successfully engaged boomers in volunteer or part-time good work with modest stipends may become less appealing,” the report accompanying the survey said.

The MetLife Foundation and Civic Ventures will release another survey this fall detailing employers’ perspectives on encore careers. It will show there’s a possible disconnect between the expectations of business and older potential employees regarding training, said Allan Rivlin of Peter D. Hart Research Associates, which conducted the survey.

The report noted that lawmakers could adopt policies to encourage more baby boomers to consider public-interest careers, such as reducing financial penalties for continuing to work while receiving a pension or federal benefits, such as Social Security checks. It cited several bills recently introduced in Congress that could encourage more employees to seek training, especially one to create lifelong learning accounts that would give employers and employees tax credits and incentives to save money for training and education.

Most survey participants said that they feel good about their work, see positive results, using their skills and experience and feel appreciated. About 60 percent work 40 hours a week or more, with about three-quarters of survey respondents saying that they have the flexibility they want.

The survey polled people as young as 44 because that’s the earliest age defining the boomer generation. That may seem a little young to gauge interests in encore careers, but Rivlin said the research showed people begin thinking about retirement issues—including volunteering and second careers—in their early to mid 40s.

The survey builds on one the organizations funded three years ago that indicated the desire of baby boomers to work in new careers.

“The MetLife Foundation/Civic Ventures Encore Career Survey” is available at www.civicventures.org.