This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Is an 'Encore Career' an Option for You?

NEW YORK ( MainStreet) -- Middle-aged Americans who want to switch careers later in life have a problem: While they'd love to follow their passion, they don't have the savings in the bank to pull the move off. In the end, it's all about the "income gap."

That's a cultural problem, as data show millions of Americans are already in what social observers call "encore careers" and millions more want to join them. A November study from San Francisco-based Civic Ventures, a self-described baby boomer think tank funded by the MetLife (MET) Foundation, says 9 million Americans between ages 44 and 70 have second careers, up from 8.4 million in 2008.

Americans who want to switch careers have a problem: They don't have the savings to pull off the move.

In addition, 31 million more Americans in the same age group are "interested" in second careers. Civic Ventures describes encore careers as careers "that combine personal meaning, continued income and social impact." They're also sometimes considered an alternative to retirement.

But it's the second attribute that may stop many baby boomers in their tracks from pursuing -- or sustaining -- encore careers.

That's what Civic Ventures found in a follow-up study released Wednesday on baby boomers and encore careers.

In that study, the organization says financial challenges are "hampering the plans of tens of millions of people who are interested in encore careers."

The study says two out of three Americans engaged in encore careers saw reduced income or no income at all in transitioning to different vocations later in life.

"There's a big payoff from encore careers, for individuals and for our entire society," said Marc Freedman, founder and CEO of Civic Venture, in a press release. "But making the switch is hard. Employers, policymakers and all of us in our own lives need to think creatively about how to make the investments in encore transitions that lead to these new, more fulfilling careers."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $129.09 0.49%
FB $79.75 0.99%
GOOG $571.34 2.32%
TSLA $197.32 -2.96%
YHOO $44.11 -0.38%

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs