Industry News, Lifestyles
The Entrepreneur’s Source Reviews Why So Many Are Rethinking Their Retirement Plans
In America’s fast-paced society, many retirees aren’t satisfied in retirement and are looking for more out of their later years of life. As a result, many of these individuals are turning to “encore” careers. According to encore.org, “encore career encompasses work in the second half of life that combines social impact, purpose and often continued income,” and these types of careers are quickly growing. Today, The Entrepreneur’s Source reviews the rise of the encore career and what options are open to retirees.
The Rise of the Encore Career
The trend of people at retirement age choosing to continue working has risen since 2011, and today nearly 9 million Americans ages 44 to 70 work in encore jobs. This trend is only expected to increase, according to a recent retirement study by Merrill Lynch.
“47 percent of today’s retirees say they either have worked or plan to work during their retirement,” the study stated. “But an even greater percentage (72 percent) of pre-retirees age 50-plus say they want to keep working after they retire, and in the near future it will become increasingly unusual for retirees not to work.”
Retirees Seeking a Greater Purpose in Life
Why is this that many retirement-aged folks are choosing to continue working? Well, there’s a wide variety of reasons, ranging from experiencing boredom after working for decades to the necessity of having a secondary income due to not having enough saved for the now-lengthy retirement years.
“I had a client call recently who has been retired for six years and he told me he was bored out of his mind,” Bruce Krebs, an alternative career coach at The Entrepreneurs Source in Chattanooga, TN said. “He said he’s traveled, played golf, but he wanted to do something that would keep him busy and also something that he’d enjoy.”
Krebs has seen a steep increase in the amount of older clients seeking advice from him for how to find work once retired. This type of boredom in retirement has long been around, but Krebs is starting to see a new trend among his clients of retirement age emerge: The desire for a greater purpose and fulfillment in retirement.
“It used to be just 2 to 5 percent of my clients fell into this category,” Krebs said. “In the last three years, it’s been on the increase, but in the last 18 months, it’s grown to 30 percent of my business.”
Franchising as a Solution for Retirees
As one may assume, people of retirement age may not be meant to work all types of jobs. Due to the volatility of the job market, many retirees are finding it difficult to find jobs in areas that they may desire. Many companies are looking for young, savvy and technologically sound talent – capacities that not all retirees innately possess.
However, there is one alternative career that is a great fit for many retirees: Franchising. In fact, the 55- to 64-year-old age range in the U.S. has had the largest increase in entrepreneurial activity over the last decade. Franchising allows an individual to work on their business without working in their business, which is oftentimes what retirees are looking for. Franchising provides a superb investment opportunity backed by the safety of a reliable and reputable business plan. When investing in a franchise, you are investing in the systems and methodologies put in place by the franchise brand, and most franchise brands are there to help you every step of the way with 24-hour hotlines and a supportive franchisee network.