Many successful executives and entrepreneurs have long dreamed of a different life — launching their own consulting firm, opening a restaurant or building houses in a developing nation.
If you’re considering a similar move, you’re not alone. An estimated 9 million people ages 44 to 70 are already in encore careers that combine personal meaning, social impact and continued income,
and an estimated 31 million additional people would like to join them, according to a 2011 joint study by MetLife Foundation and Civic Ventures (now Encore.org, a non-profit that supports individuals in pursuing encore careers in the non-profit world and the public sector).
“Being a beginner again can be very gratifying,” says Marci Alboher, Vice President of Encore.org. “It’s very invigorating to be immersed in a new world and be exposed to new ways of thinking.”
She has witnessed a shift from delaying retirement in order to leave a financial legacy, to remaining engaged and contributing meaningful work. “Now we hear about people wanting to live their legacy and not just leave it,” she says.
Kristen Armstrong, a Senior Wealth Dynamics Coach within Ascent Private Capital Management of U.S. Bank, has helped clients dream big and pursue another career. “It’s about supporting this kind of fearless self-inventory that encourages people to pursue a career about which they’re passionate,” she says.