Many Americans are shunning retirement to pursue social goals and extra income, a study finds.
A growing number of baby boomers are shunning retirement by pursuing late-life second careers that combine social goals and extra income, a new study finds.
According to a survey of 3,500 Americans aged 44 - 70 by Washington D.C.-based D. Hart Research Associates, up to 8.4 million baby boomers are embarking on so-called "encore" careers, with many turning to the nonprofit, education and health sectors.
"Encore careers provide personal fulfillment, while also offering tremendous gains for society," Marc Freedman, founder and CEO of Civic Ventures, a baby boomer trends think tank that partnered in the study, said in a statement. "Instead of encouraging people to leave the workforce, encore careers inspire people to stay longer to help their communities- and fill vital workforce shortages," he said.
Eight out of 10 survey respondents who were considering a second career said they were concerned about finding work that didn't cut into their free time. Yet over 70 percent of those already in encore careers said they found the flexibility they wanted, while nearly 80 percent reported receiving the pay and benefits they needed. Only 40 percent said their new careers required further education and training, the survey found.