MONEY Second Career

Still Working After 75—and Loving It

Singer Willie Nelson performs during an “In Performance at the White House” series event
One of many working seniors, singer Willie Nelson, 81, is still on the road. Jacquelyn Martin—AP

Growing numbers of Americans in their 70s and 80s love their jobs and have no plans to retire. You might be one of them someday.

Willie Nelson is 81; Warren Buffett is 84; Mary Higgins Clark is 86 and David Hockney is 77. All are still working and going strong. So are more and more Americans 75 and older. You might be one of them someday—and glad of it.

In a recent interview, British painter David Hockney—one of the world’s greatest living artists—captured the joy, meaning and youthfulness he continues to draw from his profession. “When I’m working, I feel like Picasso, I feel I’m 30,” he told Tim Lewis of The London Observer. “When I stop I know I’m not, but when I paint, I stand up for six hours a day and yeah, I feel I’m 30.”

‘It’s What I Enjoy Doing’

I imagine that sentiment rings true for Mark Paper, age 81. He’s President of Lewis Bolt & Nut Company in Wayzata, Minn., a firm owned by his family since 1927. Paper took the helm from his father in 1962 and remains deeply involved in the company’s expanding operations. He gets daily and weekly reports, stays in touch with its executives and flies out to visit the manufacturing plant in La Junta, Colo. several times a month.

“Why not stop working?” I asked Paper. “You have money. You’re 81 years old. Haven’t you heard of retirement?” His answer: “It’s what I enjoy doing.”

Plenty of other septuagenarians and octogenarians feel the same way.

Although people working at age 75 and over are a distinct minority—comprising less than 1% of the total labor force—roughly 11% of American men 75 and older are still at it and 5% of women that age are. By contrast, in 1992, only about 7% of 75+ men and 3% of 75+ women worked.

Indeed, after declining sharply in the early postwar decades, the average age of retirement in America has risen over the past two decades, to 64 for men and 62 for women, calculates Alicia Munnell, head of the Center for Retirement Research at Boston College.

While the labor force participation rate for men 75 and up is currently about double that of the rate for women, the gap is expected to shrink. Boomer and Gen X women are well educated and more attached to their jobs than previous generations.

‘I Can’t Imagine Not Being Employed’

Marilyn Tully, 75, loves working, too. She has been self-employed her entire working life in businesses mostly revolving around the home and interior design. “I can’t imagine not being employed,” she says. “Especially if you still have the energy, which I do and, like me, you have the creative urge.”

That doesn’t mean there haven’t been rough patches. In 2007, she and her husband had to shutter their Naples, Fla. furniture business, a casualty of the housing market implosion, and her interior design company suffered. These days, her design business is picking up, she represents a successful jewelry designer and consults on inventory management for high-end designers. (Her husband handles the administrative and IT sides of her firms.) When they aren’t working, they sail Florida’s gulf coast for two weeks at a time on the trimaran Tully’s husband built. “It’s a good life,” she says.

‘It Keeps Me Young’

Newspaper publisher Jerry Bellune of Lexington, S.C., 77, works at a pace that would leave many younger workers gasping. He says running the Lexington County Chronicle & Dispatch News with his wife, MacLeod, offers him “enjoyment, exhilaration, a strong sense of mission and purpose.” On top of that, says Bellune, “it keeps me young, working with younger people and helping them grow personally and professionally.”

And he has no plans to stop. “I’d like to work as long as I’m able and can still make a contribution,” Bellune told me.

Here’s a typical workweek for him: Mondays and Tuesdays, he’s usually at the office, writing, proofing pages and talking with the staff about coverage, and the rest of the week he’s mostly writing and helping with community endeavors. Weekends are busy, too, writing weekly and monthly articles for a business magazine and two trade magazines. (He’s also a consultant and manages a family investment fund. Tired yet?)

The Bellunes do take breaks, traveling abroad several weeks a year and spending time at their vacation home. “We have an excellent staff that permits us that leisure,” he says.

‘It Keeps Me Off the Streets’

Funeral assistant Jerry Beddow, 75, loves working, too. A year after retiring as a high school principal in 1994, Beddow began his current job at Patton-Schad Funeral and Cremation Services in Sauk Centre, Minn. He works about three to four hours a day, helping position caskets at the funeral home, carrying flowers, talking to grieving families and driving the hearse. “It keeps me off the streets,” he laughs.

After researching my new book, Unretirement, I’ve come to believe that the ranks of people 75+ earning a paycheck will expand in coming decades, especially among better educated employees and businesss owners. It isn’t inconceivable that the average retirement age when the youngest boomers reach their 70s in the early 2030s could approach 70.

“Public opinion in the aggregate may decree that the average person becomes old at age 68, but you won’t get too far trying to convince people that age that the threshold applies to them,” notes Pew Research in its report, Growing Old in America: Expectations vs. Reality. “Even among those who are 75 and older, just 35% say they feel old.”

The ones who are able to keep working well into their 70s, I think, will find themselves leading richer lives, both financially and psychically.

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the new book Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Send your queries to him at cfarrell@mpr.org. His twitter address is @cfarrellecon.

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Finding the Perfect Balance Between Work and Fun in Retirement

Ranger with snowmobile, Yellowstone National Park, Wyoming.
Ranger with snowmobile, Yellowstone National Park, Wyoming. Blickwinkel—Alamy

These retirees found a way to spend all their time on pursuits they love.

“Damn the submarine. We’re the men of the Merchant Marine!” That singsong phrase woke me up every morning for seven months on my first ship, the SS San Francisco. I went to sea after graduating from college. For four years, I worked on ships, mostly tankers, steaming through the Suez and Panama canals, past the Rock of Gibraltar at midnight under a full moon, stopping in ports like Athens, Dubai, and Yokosuka. A number of my peers had similar adventures after college, including leading wilderness trips, tending bar, teaching English overseas and traveling around Europe picking up odd jobs. Ah, those were adventurous days before the desire for a career and family responsibilities took over.

Peter Millon is living the adventure, too—in his Unretirement, at age 69. Last year, he spent about 70 days skiing the slopes in Park City, Utah, when he wasn’t working four days a week for ‎Rennstall World Class Ski Preparation, repairing skis and waxing skis for racers. Essentially, he split his retirement time 50/50: working half-time and pursuing his passion the other half. In the off-season, Millon plays golf with his oldest son who lives in Salt Lake, fishes and takes target practice. Not bad.

Leading a Wealthy Life

A wealthy industrialist? A Wall Street master of the universe? A high-tech titan of business? Hardly. Millon isn’t wealthy, but he leads a wealthy life. “Do something you love, something for you,” he says. “Don’t do it for anyone else.”

Millon began his career working at a small ski maker in St. Peter, Minn. He then spent decades as a technical director at Salomon North America and its various competitors. During the real estate bubble years, Millon was selling high end appliances for the home, living in a townhouse in Massachusetts. Business tanked when the bubble burst, and he took advantage of an early retirement package. Three years ago, he sold the townhouse and moved to Utah where he was known in the ski community, picking up a condo on the cheap. These days, Millon lives comfortably off Social Security, some investments and the income from his part-time job.

The ‘World’s Oldest Intern’

John Kerr is living the 50/50 life in his Unretirement, too, working as park ranger in Yellowstone between May and September. He didn’t plan on becoming a ranger, though. Kerr had a four-decade career at WGBH as a marketing and fund raising executive, retiring at 65. “It took the shock of the change to rattle my bones a bit,” says John Kerr. “I had way too much energy and experience to sit around.”

His exploration took him out to Jackson Hole, Wyo., where Kerr has a small condo. While walking around Bozeman, Mont., he saw a sign for the Yellowstone National Foundation, which supports Yellowstone National Park. He walked in unannounced and from an off-hand remark during a conversation with the organization’s head, he learned it had an internship opening. Kerr applied and for the next year he was “world’s oldest intern,” talking to visitors about wolves.

Kerr became a Yellowstone ranger five months a year for the next nine years, living close to Jackson in the winters and using his time off to visit family. Now 76, he recently moved back to New England to be near family. Still, he expects next season he’ll return to Yellowstone. “It has been a great adventure,” he says.

Advice for Your Unretirement

When I asked Kerr and Millon what advice they’d give to others in their 60s and 70s eager for adventure, Kerr emphasized the importance of an open mind. “You have to have your eyes open and your ears flapping,” he chuckled. Millon suggested drawing on the relationships you’ve made over the years and the skills you’ve developed without trying to compete for the kind of job you had earlier in your career.

What I took away from both men is that the financial penalty of working fewer hours and doing more of what you love can be much less than you might think.

“The key is that when your interests align with your work, there is nothing from which to retire,” says Ross Levin, a certified financial planner and head of Accredited Investors in Edina, Minn. “We save money to ultimately create a lifestyle. If that lifestyle doesn’t need much money, then we need to save less.”

Think of it this way, says Levin: You earn $10,000 a year in your fulfilling work on a ski slope or in national park or down in the Florida Keys. That’s the equivalent of having $250,000 in investment assets, assuming the 4% withdrawal rule (a standard guideline for safely taking money out of retirement savings). A $20,000 income is the equivalent of $500,000 in assets, and so on.

Much of the conversation about prospects in the traditional retirement years often forgets how creative people are at coming up with solutions. Many Unretirees I’ve interviewed over the years have found they made significant cuts in expenses without slashing their standard of living.

So, if your career didn’t leave you with the kind of portfolio that pushes you into the ranks of the wealthy, that doesn’t mean you can’t construct a comparable lifestyle. The question is: What’s your adventure?

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the new book Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Tell him about your experiences so he can address your questions in future columns. Send your queries to him at cfarrell@mpr.org. His twitter address is @cfarrellecon.

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The Secrets to Launching a Successful Encore Career

These prize-winning social entrepreneurs built non-profits that make a difference.

“You must do the thing you cannot do,” Eleanor Roosevelt once wrote. It’s the only way to overcome the fears we all face in doing something new, she thought, and take a leap into the unknown.

Kate Williams quoted Roosevelt earlier this week here when she accepted a $25,000 Purpose Prize, one of the awards given annually by Encore.org, a San Francisco-based nonprofit that works to engage baby boomers in “encore careers” with a social impact. The awards, now in their ninth year, recognize trailblazers over age 60 who have tackled social problems creatively and effectively. Cash prizes range from $25,000 to $100,000.

Williams, 72, lost her eyesight to a rare degenerative disease after a long career as a corporate human resources professional. She overcame her own fears, first by moving away from friends and family in Southern California to start over in San Francisco and later by starting an employment training program for the blind. Today, she runs a similar, larger program for the national non-profit organization Lighthouse for the Blind.

Encore.org’s mission is to promote a game-changing idea: Greater longevity and the graying of America present opportunities, not problems. This year’s Purpose Prize winners underscore that point. They’re rock stars in the world of social entrepreneurship, having started organizations that work on issues like sex trafficking, disaster relief, autism and education in impoverished neighborhoods.

The idea of second careers with social purpose has broad appeal. Millions of older Americans want to stay engaged and work longer, sometimes out of economic need but often out of a deep motivation to give back. An Encore.org survey this year found that 55% of Americans view their later years as a time to use their experience and skills to make a difference, though just 28% say they are ready to make it happen.

Many people have trouble figuring out where to start—which brings us back to Roosevelt. Fear of the unknown is a key hurdle in starting down a new path later in life, and I had the chance to ask some of the encore experts gathered for the awards about how they would advise others seeking to begin.

The juices get flowing when people connect their experiences and knowledge with a problem they are passionate about. But first they have to make the leap.

“I had been in the corporate world, not part of the blind community,” Williams says. “I was frightened, but what I thought would be overwhelming turned out to be a beautiful thing. As soon as we started our training classes, I was hooked.”

Accurate, real-time salaries for thousands of careers.

The Lighthouse for the Blind program has worked with 100 blind job seekers over the past three years, and has placed 40% of them.

David Campbell, winner of a $100,000 prize this year, wanted to help after the Indian Ocean tsunami that devastated parts of Southeast Asia in 2004. A senior executive at several software and Internet technology companies, he figured he could help by creating a Web-based tool to organize volunteer tsunami relief efforts. That led him to start All Hands Volunteers, which has worked on 45 disaster relief projects in six countries and dozens of U.S. locations. The non-profit uses the Internet to route volunteers to places where they can be put to work effectively.

“People just want to know that if they go, they’ll have a place to sleep that won’t be a burden to the local people, and a contact to start with,” he says. “We give you exact instructions on how to get there, and assure that you’ll have a bunk bed, food and someone will have organized work and that you’ll have the right tools to be productive.”

Campbell talks often with people looking to get started on encores. “I always advise people to start by volunteering with some organization with social purpose – it’s an easy, great way to start. But the question many people have is, ‘Which one, and what might I do?’ “

Campbell suggests people consider geography and the focus of the work. “Do you want to work locally, nationally or internationally? Do you care about health, education or some other thing? That starts the conversation and helps people narrow it down.”

Then, he says, visit a non-profit that interests you, and take the time to understand its needs.

“Be willing to help understand the mission, and do whatever it is they need help with. And don’t treat volunteering as a casual activity. You need to commit to a certain number of hours of work a week as though it were a paying job, and take responsibility for it.”

To paraphrase another famous Roosevelt, the only thing you have to fear is fear itself.

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MONEY Second Career

3 Secrets to Launching a Successful Second Act Career

Adele Douglass created the first U.S. humane certification program for farm animals raised for food Robert Merhaut

Adele Douglass built a non-profit that protects millions of farm animals and gives farmers a new marketing niche.

After a three-decade career in Washington devoted to animal welfare issues, Adele Douglass thought she knew a lot about how bad their mistreatment could get. Still, she was shocked when she began to look closely at the conditions of farm animals in the U.S.

She discovered chickens being raised in cages so overcrowded they couldn’t raise their wings, pigs unable to turn around in tightly packed pens, and animals left unsheltered against outdoor elements.

Douglass decided the best way to improve the conditions of livestock was to push for change herself. So in 2003, at age 57, she quit her job as a non-profit executive for an animal rights association and launched her own organization, Humane Farm Animal Care. “The more I knew, the more appalled I got, and the more I wanted to do something myself,” says Douglass, now 67. “Legislation was not going to solve the problem. It took 100 years for the Humane Slaughter Act to be passed.”

Douglass figured out a way to engage farmers and consumers on the issue—by addressing their growing concerns over eating meat from animals being fed antibiotics. She developed Certified Humane, which is the first certification in the U.S. that guarantees farm animals are treated humanely from birth to slaughter. To get this certification, farmers must allow animals to engage in natural behaviors, provide appropriate space for roaming, and food free of antibiotics or hormones. Farmers who are Certified Humane can market to natural food shoppers and get higher prices for their products, Douglass says.

Humanely raised food appeals to American families of all income levels. “Young mothers want to feed their families good food. Poor people don’t want to feed their families junk” says Douglass.” Following humane practices also improves the environment, since fewer animals raised on more space creates less pollution.

To fund the organization, Douglass cashed in her $80,000 401(k) account. Her daughter, who had encouraged her to make the move, gave her $10,000 and worked at the organization during its first few years. Douglass also received grants from the American Society for the Prevention of Cruelty to Animals and The Humane Society. In the first year of operation in 2004, 143,000 animals were raised under the organization’s standards.

Today 87 million animals are in the program, and the non-profit has three full-time employees and two part-timers. Fees for certification and annual inspections cover about 30% of the organization’s costs—the rest comes from donations and grants.

Douglass shares this advice for others hoping to launch a second act career:

Make a plan before you exit. Douglass spent years researching the issue before quitting her job. She was able to get off the ground in just one year because she modeled the certification program after an existing similar program in the U.K. called Freedom Food.

Leverage your contacts. Douglass has a deep list of connections, from animal scientists and USDA officials to fundraisers and academics, as well as contacts in the animal rights movement and veterinary profession. “I had the contacts, knowledge and experience which gave me confidence I could do this on my own,” says Douglass.

Cut personal expenses. Though Douglass’ salary isn’t much less than what she earned in her previous career, her compensation is a lot more volatile. She has willingly taken pay cuts in recent years. Douglass says she hasn’t had to change her lifestyle much. But she reduced her biggest expense—her home—by downsizing to a smaller place, which made it easier to adjust.

At 67, Douglass doesn’t envision retiring. Now living alone, with three adult children and five grandchildren, she says her family is one of her greatest joys. But her work remains an enormously satisfying part of her life too. “Sure, there are days when I am tired and frustrated. But I am doing something that benefits people, animals and the environment. I feel really good about that,” says Douglass.

Adele Douglass is a 2007 winner of The Purpose Prize, a program operated by Encore.org, a non-profit organization that recognizes social entrepreneurs over 60 who are launching second acts for the greater good.

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MONEY Second Career

How to Find the Right Match for Your Second Career

Signing up with an encore career matchmaker can be a smart way to find fulfilling, paid work in retirement.

WANTED: Retirees looking for flexible, paid part-time work in their field of expertise.

Now, that’s a help-wanted ad many boomers dream of running across in their Unretirement years, isn’t it? Well, for Harry Coleman of Cincinnati, Ohio, that’s pretty much what happened, thanks to a “matchmaking” service.

Coleman worked for Procter & Gamble (P&G) for 30 years, mostly in product development, and decided to grab P&G’s juicy retirement package at age 51 in 2008. “The last nine years at P&G were a blast,” he says. “But I wanted more of a work and life balance and you can’t do that if you’re working 50 to 60 hours a week.”

A Three-Bucket Approach

These days, Coleman, now 57, embraces a “three bucket” approach to life.

The first two buckets are for volunteering and charitable activities (mostly through his church) and for “goofing off”—golfing, traveling and taking on projects around the house.

The third bucket relates to that ideal help-wanted ad. In this bucket, Coleman takes on flexible, fulfilling, paid part-time consulting positions he has found since he retired mostly through a firm called YourEncore. “The jobs keep me engaged mentally on the work side; I can pick and choose projects,” he says. “Yet I have the capacity to be more involved in other things.”

YourEncore, based in Indianapolis, Ind., is essentially a matchmaker between large corporate customers around the country looking for experienced brainpower to address a pressing business problem (typically for about 10 weeks) and seasoned, skilled Unretirees who are eager for a challenge and part-time income.

YourEncore was created in 2003 when P&G and Eli Lilly, the Indianapolis-based pharmaceutical giant, asked consultant John Barnard for a way management could draw on the knowledge and expertise of retired employees. Boeing quickly joined the venture to recruit “retired engineers for urgent and complex technical projects,” as an internal company online newsletter put it.

Companies using YourEncore are largely in the food, consumer product and life sciences industries. So far, more than 8,000 people have found work through the matchmaker; 65 percent of them have advanced degrees. The pay is good, although the exact amount depends on the person’s experience, the company, the difficulty of the project and the time commitment.

Encore Career Matchmaking Services Are Sprouting

YourEncore is just one example of the growing number of matchmaking services targeted at retiring boomers. It focuses on private sector work, but many others specialize in the social venture space, creating bridges between for-profit careers and nonprofit encores for the greater good. Some are regional, such as Experience Matters in Maricopa County, Ariz. ESC of New England runs an Encore Fellows program in greater Boston. Other matchmakers like ReServe, headquartered in New York City, have national and international ambitions.

Though the Unretiree matchmaking business is pretty new, it’s already starting to puncture a common stereotype: that the idea of gray hair and creativity is an oxymoron. For example, YourEncore workers have earned a reputation for creative problem solving, says Peter Kleinhenz, manager of the its P&G office. “You can be really productive when you don’t have a career that needs to be advanced or turf to protect,” says Kleinhenz.

New York City-based ReServe offers a very different business model, but it, too, acts as an encore career matchmaker.

ReServe connects 55-plus professionals with local nonprofits, public institutions and government agencies. Aside from its New York operations, ReServe also places candidates — typically former lawyers, doctors, nurses, teachers, accountants, corporate recruiters and the like — in Baltimore, Md.; Miami, Fla.; Newark, N.J.: Boston, Mass.; southeast Wisconsin and New York’s Westchester County. ReServe has placed more than 3,300 workers at more than 350 organizations.

ReServists work for a $10-an-hour stipend, well below their market value during their earlier career. (Another $5-an-hour is split between the company managing payroll for the person and ReServe.) The job is between 10 and 20 hours a week and the average ReServe contract lasts nine months to a year.

“A good proportion—50%—are not really looking to do what they have done before. They want to use their skills in a brand new setting. The common denominator is transferable skills,” says Lorrie Lutz, chief strategy officer at Fedcap, a New York-based nonprofit that combined with the smaller ReServe in 2012.

For example, Lutz says, an accountant with a passion working with kids might spend a stint as a math tutor. A marketing professional might employ her skills at a government agency struggling to get its policy message out.

Giving Back for Your Next Career

ReServe plans on operating in every state and taking its program overseas. “We think we have a great idea here. There’s a generation of talent here and abroad. Boomers are the most-educated generation,” says Lutz. “They have so much to give back.”

That’s certainly the case with Scott Kariya, an IT recruiter for 23 years who “retired” at 52 in 2006. Quickly bored, Kariya reached out to ReServe. He didn’t find an open position at the time, but in 2008 talked his way into a job at ReServe’s main office.

He worked there three days a week using his recruiting skills, spending the rest of his time volunteering at the local Red Cross, managing his investment portfolio and doing other things. “Everyone wants to stay busy,” says Kariya. “But I think a lot of people get tired of the 50-hour workweek.” Today, he heads up ReServe’s information technology operations.

A common denominator among encore career matchmakers is the amount of effort they put into finding the right people for clients’ needs. YourEncore gains an understanding of the proposed project from P&G, Lilly or another corporate customer, and then uses that to find the right experts. ReServe learns about the skills and passions of its applicants so the client partnerships are fruitful.

I’ve witnessed the same matchmaking ethos at Experience Matters in Phoenix and with the national Encore Fellowships Network. Although the infrastructure is still being built, the future looks bright because corporate America and nonprofits seem more aware of the talents and skills of available boomers.

Locating a Local Matchmaker

To find an encore career matchmaker in your area, you might start at the Encore.org site. But you may need to take a more indirect route, by networking locally. For example, in Portland, Ore., Life By Design NW serves as an information clearinghouse. JV EnCorps (part of the Jesuit Volunteer Network) recruits people 50 and older in Portland and Bend, Ore. and Seattle, Wash. In Kansas City, you could check out Next Chapter Kansas City, a grassroots networking group for boomers.

At the moment, the supply of people eager to keep using their accumulated knowledge and creative insights exceeds the demand for their services. But organizations like YourEncore and ReServe point the way toward a model that allows for engagement and compensation for people who’d otherwise have lots of time on their hands.

It’s a model that may well end up defining Unretirement the way Sun City symbolized retirement for a different generation in the 1960s.

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the new book Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Tell him about your experiences so he can address your questions in future columns. Send your queries to him at cfarrell@mpr.org. His twitter address is @cfarrellecon.

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Senior painting in studio
Lynn Koenig—Getty Images/Flickr

You aren't limited to a second career. Be ready to embrace a third or fourth career as opportunities come along.

Most of my boomer friends tell their adult children to plan on multiple jobs and careers. The era of corporate loyalty and the organization man and woman is long gone, they (and I) say—due to a hypercompetitive global economy and their likely desire to embrace new opportunities throughout their work lives. Good advice.

But boomers ought to heed this insight, too, embracing multiple acts during the second half of life. I think you shouldn’t just plan on a second career, but maybe a third or a fourth.

Linda Lyman: On Her Third Career

That’s also what Linda Lyman told me with a smile when we met at a Phoenix breakfast event for UMOM, a nonprofit helping families break the cycle of homelessness. She’s exploring her third career in what I call Unretirement (also the title of my new book on the trend).

Lyman moved to Phoenix 31 years ago, eventually managing legal services for a land developer. On the 17th anniversary at this job, a colleague congratulated her and asked: “What will you do for the next 17 years?” The thought of spending another 17 years at one place jolted Lyman, then 46.“I have to get out of here,” she thought. “I am going to do something more meaningful.”

Lyman next began working at a small nonprofit that mentored at-risk kids, New Pathways for Youth, and ran the group successfully for a decade. She loved the work, but decided it was time to “retire” earlier this year. “Ten years is a long time,” Lyman says. “I needed to have more life balance. I left on my own terms. It’s good.”

Now Lyman, 58, is eager to teach in an inner-city school. “I want to do something that I’m passionate about,” she says. “Teaching is what I thought I was going to do when I was in high school. It’s nice to be circling back.” Her husband is 65 (he’s retired from Intel) and the couple is open to relocating for Lyman’s teaching job, with Wisconsin and Minnesota high on her list.

Ginia Desmond: Heading Toward Career No. 5

Ginia Desmond is now on her fourth career and may be heading towards No. 5. My sense is that she has danced from one adventure to another.

Desmond was a serious artist early on, with a Masters in Fine Art. She painted in Argentina while living there with her first husband and then in the Phillippines, where her second husband—Charles Kepner, founder of the Kepner-Tragoe consulting firm—worked.

Desmond brought some Philippine fabrics back when they moved to Tucson about a year later and sold them to a local boutique. The store owner wanted to buy more fabrics, so for her second career Desmond created Sangin, a trading company importing baskets, fabrics, lighting fixtures and similar items from the Philippines and elsewhere in Southeast Asia.

She ran the business for 27 years and sold Sangin in 2003. “I never got rich,” she says. “But we didn’t go broke and I employed a lot of people.”

Time to return to her first career, she thought. So Desmond again picked up her charcoal, oils and watercolors and worked at becoming an established artist.

But Desmond took a screenwriting course at the University of Arizona in 2004 and fell in love with writing screenplays, which led her to career No. 4.

She’s since written a dozen-plus scripts; some have been optioned and she has been hired to write a few others. One of her scripts is Lucky U Ranch, about a bullied boy living in a trailer park in the ‘50s who is helped out by an angel appearing in a Cadillac that’s pulling a shiny silver trailer. A local director liked it and offered to turn the script into a movie if Desmond could find a producer.

She thought about the offer and finally landed on a producer—herself. Could this be career No. 5?

“I could buy a home or I could make a movie,” says Desmond, now 72. “I’ve bought several homes. Why not make a movie?”? She put up the money, is hoping for a winter release and is now working on another screenplay, Singapore Fling, about revisiting the island nation late in life to meet up with an old flame.

While Lyman and Desmond have led very different lives, they’ve both taken a savvy approach in approaching their encore careers.

For example, Lyman took advantage of her retirement from New Pathways for Youth to think through her options. When she kept coming back to becoming a teacher, she reached out to a few that she knew to glean insights about the job.

At the moment, Lyman is thinking about applying to Teach for America. The program is best known for hiring young college graduates and placing them in schools in low-income communities, but the organization has been increasingly opening its doors to midlifers.

Desmond has a talent for finding intriguing opportunities, but was careful to ensure that she could afford her latest venture: movie producer.

She didn’t let her enthusiasm for the project put her finances at risk. An unusual source of income helps: she gets royalties from her songwriting father, whose best known hit is Here Comes Santa Claus.

Turns out that for many of us, our Unretirement may not be our encore career but encore careers. Pretty cool.

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the new book Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Tell him about your experiences so he can address your questions in future columns. Send your queries to him at cfarrell@mpr.org. His twitter address is @cfarrellecon.

MONEY Second Career

Why You Need a Second-Career Matchmaker

Dave Dardis worked for over 39 years at IBM in management roles in sales, marketing and business development. He retired about six years ago, spending his newfound free time volunteering at nonprofits in Silicon Valley. He found the volunteering work deeply unsatisfying.

“They were along the lines of ‘Can you help us for several weeks and then we’ll wave goodbye,’” Dardis, 68, recalls.

But in a parking lot conversation following a nonprofit event, Dardis learned about The Encore Fellowships Network. He was intrigued.

What The Encore Fellowship Is

The program was created by Encore.org (whose slogan is “purpose and passion in your second act”) to serve as a matchmaker for private-sector professionals and nonprofits. It typically lasts six to 12 months and comes with a stipend.

In 2011, Dardis applied to become an Encore Fellow and, after being selected, was asked to choose among three nonprofits. He picked the Hispanic Foundation of Silicon Valley (HFSV), which spearheads local educational initiatives. Its draw? Dardis’s parents were both teachers; so is his wife.

The part-time Fellowship paid $25 an hour for 1,000 hours. When it ended, Dardis was hired as HFSV’s chief operating officer where he works three days a week on fundraising in his “unretirement.”

Says Dardis: “I am doing things that leverage my skills from IBM. I am having fun. This is a gas.”

The 20-hours-a-week schedule gives Dardis time to run errands, cook dinner for his wife and spend relaxing weekends watching his grandchildren play soccer. Financially, he’s doing fine with a pension from IBM, Social Security and two checks a month from HFSV (earning close to what he made during the Encore Fellowship).

From Creating Ads to Helping Ex-Cons

Beth Kempner worked in New York City for Saatchi & Saatchi Advertising for 25 years, where she became a Senior Vice President. When Kempner’s kids were in high school, she decided it was time to “retire” and spend more time with them before they left for college.

In her “retirement,” she did a project for the Taproot Foundation, a pro bono consulting firm, and got a certificate in the Funder and Grantmaking Program at New York University. Then, while browsing the Internet, Kempner chanced upon the Encore Fellowship program. She applied and became an Encore Fellow in 2011, working in public affairs for the Center for Employment Opportunities (CEO), a nonprofit that helps ex-cons get and stay in jobs.

Like Dardis, Kempner (now 55) stayed on when the Fellowship finished. She was hired as CEO’s part-time Director of Public Affairs, leveraging her advertising and marketing skills. “It’s a wonderful job,” she says.

Kempner has been with the organization for three years, working three three days a week. She’s passionate about the work, but loves the free time that has let her rediscover tennis, revive friendships and take classes.

The Encore Career Gap

Many others in their 50s and 60s are inspired by the fledgling encore career movement where Durdis and Kempner are foot soldiers. But some are unsure about which encore career to pursue, how to find a good opportunity and whether the finances will work out.

That may explain why a new Encore.org survey of Americans age 50 to 70 found that although 55 percent believe it’s important to take their skills to help others, only 28 percent said they are ready to make the leap into an encore job.

Structure and Support

It’s also why a structured, focused program like the Encore Fellowship Network can ease the transition. There are now Encore Fellowships in 15 cities in the U.S. and England, with more in the works. Each is run slightly differently, with its own application season and process.

“Not only did they [the Fellowship management] help direct me to this new ‘life’ but the support system in place in fantastic,” says Kempner. “Over the year of the Fellowship, we had speakers from every part of the nonprofit world come to speak to us and share their transitions and experiences.”

Adds Dardis: “The Fellowship isn’t a once and done kind of experience.”

Dardis and Kempner said the Encore Fellowship’s application process forced them to think about their skill sets and what they wanted out of their next chapter. Although Kempner said she had doubts whether she was qualified to assist a nonprofit for ex-cons, a meeting with the group’s former head convinced her to take a risk.

Both have found their “unretirement” work extremely fulfilling. That’s often true for people who transition from full-time professional jobs into encore careers.

Nicole Maestros, a Rand Corporation economist and author of the study, “Back to Work: Expectations and Realizations of Work After Retirement” found that 26 percent of full-time employees who retired reversed their decision and returned to work (either full time or part time) within a few years. They did so mostly because they found retirement less satisfying than they had expected, Maestros says.

The Evolving Fellowships

The Encore Fellowship model is evolving in interesting ways. For the past two years, Intel has been offering its U.S. employees who are eligible to retire the opportunity to apply for Intel Encore Career Fellowships. So far, more than 200 Intel employees have become Fellows.

More nonprofits are learning about the Encore Fellowships and snagging its talented men and women. But too few people who could become Fellows know about the program. Dardis learned about it through a chance parking lot conversation and Kempner by browsing the Internet.

The Encore Fellowship is also only one piece of a much bigger unretirement and encore career infrastructure puzzle. There are many more on-ramps to be built. Still, the Fellowship is a practical path for some boomers to thoughtfully transition from one career to another.

Check it out.

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the forthcoming Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Tell him about your experiences so he can address your questions in future columns. Send your queries to him atcfarrell@mpr.org. His twitter address is @cfarrellecon.

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MONEY Careers

Wish Every Work Day Felt Like a Vacation? For This Guy it Is.

David Harris
"We offer a great product," says David Harris. "It was a matter of getting it in front of the right people.” Benjamin Rasmussen, wardrobe and grooming by Ashley Kelly

After toiling in the tech industry for over three decades, David Harris decided to buy an adventure travel company. Here's how he did it.

For 30 years, David Harris bounced around Silicon Valley, using his sales and marketing savvy to overhaul tech companies. But in 2011 he received a sizable payout from the sale of Tumbleweed Communications, where he had been vice president—and he was ready for a change. Though his work was highly compensated, it was also high pressure. “I wanted to continue to chal­lenge myself,” he says. “But I needed to get out of high tech for my mental health.”

Around the same time Timberline Adventure Tours, a Lafayette, Colo., company offering hiking and biking trips across the U.S. and Canada, went up for sale. Harris and his wife, Kisa, had gone on many vacations with Timberline and had even become friendly with the owners.

For Harris, it was the perfect opportunity. He was looking to do something he felt passionate about, and Timberline filled that bill. Plus, he felt the business had potential beyond its current revenue: “I knew Timberline offered a great product. It was a matter of getting it out to the right people.” While details of the purchase were still being ironed out, Harris moved with Kisa (then an aerobics instructor) and his three daughters to Louisville, Colo., where they lived off investments until he settled into his new role.

Immediately after taking over in January 2012, Harris began boost­ing Timberline’s digital presence—revamping the website and developing strategies for social media and email marketing. He used skills he’d honed in Silicon Valley, only now “product overhaul” meant testing trails and putting together a “fun puzzle of trip itineraries.”

Today Timberline offers 84 tours to about 600 clients annually. Revenues hit $1.2 million in 2013, up from $850,000 in 2011. While Harris isn’t making the big bucks he used to, he’s enjoying going to a job that doesn’t feel like work. “At the end of a trip, when clients are beaming and thanking you for making their vacation,” Harris says, “it’s just such a pleasure.”

BY THE NUMBERS

$500,000: What the company cost

Harris, who bought the business with cash from the sale of Tumbleweed, drew on his sales experience to create a valuation. The owners still cared about the company, and Harris says that made it somewhat harder to negotiate them down to the price he wanted to pay.

84%: how much less Harris earns than he used to

While his family can live off the $100,000 he and Kisa bring in (she’s the VP), they’re still adjusting to the seasonality of the business, which requires intensive budgeting. Harris credits Kisa, who is “as organized as the day is long.”

240: Target number of new clients to add in 2014

Harris is proud of Timber­line’s customer loyalty— 84% of travelers in 2012 were returning—but he’d like to grow the customer base so that 40% of clients are new. He plans to introduce more trip itineraries, and he’s working on building corporate partnerships, hoping that this will help raise revenues to $2 million by 2015.

MONEY Small Business

The 4 Essential Traits You Need to Build Your Own Business

It's not enough to want to be your own boss. The founder of an advertising company explains the key qualities that go into being a successful entrepreneur.

Many people aspire to become entrepreneurs, but it’s not something that just anyone can do. To actually succeed you need more than a desire to make money or be your own boss. You need certain qualities.

Soon after I started my own business, Fortune Cookie Advertising, I began to identify crucial qualities that were fundamental if I wanted to succeed. While I had all of these four traits to some degree at the outset, I also had to consciously develop them over time.

1. A Clear Vision

This is the foundation of your business. Your vision may be based on a product, a service, or simply the desire to solve a problem for your customers. This is the “why” of your endeavor, and it must be relevant to the people you will be serving.

That’s why it’s not enough to want to be independent—your customers or clients don’t care about this. They care about your vision, which could be anything from wanting to build the most advanced computer operating system to wanting to find a fast way to deliver flowers around the globe.

Your vision may change, expand, or narrow over time, but you need to have one when you start. In my business, I started with the vision of being able to provide advertisers with an innovative way to get their message out.

2. The Ability to (Quickly) Pitch Your Business

If your business is straightforward, like selling books or changing the oil in people’s cars, it’s easy to explain. But some products and services are more technical or abstract. No matter what kind of business you decide to run, however, you should be able to describe it to prospective customers, investors, or even friends and family members in a few short sentences.

If this isn’t your strong suit, you might want to study the art of the pitch in terms of the movies. A screenwriter must be able to sell his or her idea to a busy and skeptical producer in a few minutes. Any new business owner should have the same ability. It shows that you not only know your business well, but can convince others of its value in language they can easily understand.

3. Persistence

Many of the most successful entrepreneurs in history failed at their first (and in some cases second, third, or more) businesses. Notable examples include Harland Sanders, founder of Kentucky Fried Chicken, Richard Branson of Virgin Atlantic, and even Bill Gates.

But perhaps the most famous example in history is Thomas Edison and his many attempts to design the light bulb. The quote “I have not failed. I’ve just found 10,000 ways that won’t work” is often attributed to him. Hopefully, you won’t have to be quite as persistent as Edison, but the principle is the same. Many new ventures fail or experience setbacks, but you cannot let this stop you from trying over and over again until you devise the formula that works—you won’t get paid if you don’t.

At one point in our business, a computer failure resulted in the loss of hundreds of names of contacts, including customers and prospects. This data, of course, should have been backed up, but I had not gotten around to doing this. So my team and I had to manually rebuild the entire list. It was a painstaking process, but we recovered everything, and I learned a valuable lesson: Always back up!

4. Focus

This last quality is one that entrepreneurs need in abundant supply. You need to be able to see a project from inception to completion while overcoming distractions. You must be able to prioritize, set your own schedule, and meet your own deadlines. For people accustomed to having their tasks assigned to them by employers, parents, drill sergeants, or professors, this is a big change.

When I first started my business, it took me a few months to understand this. At first, I made elaborate schedules and to-do lists to keep myself on track. I still do that to some extent, but now it’s more internalized as I’ve gotten comfortable in the role of entrepreneur.

Almost everyone like the idea of being independent—in theory. The freedom to be one’s own boss is one of the most desirable things about starting a business. But only you can decide if you are focused enough to do it.

Shawn Porat is the CEO of Fortune Cookie Advertising, a media placement company selling advertising space within fortune cookies at Chinese restaurants throughout the United States.

Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

More from the YEC:

MONEY Second Career

3 Tips for Launching Your Labor-of-Love Business

Women practicing yoga
Willie—Getty Images

An Air Force nurse turned yoga studio owner offers advice from her experience.

Switching careers to open a labor-of-love business in your 50s or 60s is a certifiable trend in America today.

As Ting Zhang, an economist at the Merrick School of Business at the University of Baltimore and the author of the Elderly Entrepreneurship in an Aging US Economy: It’s Never Too Late told me: “Some older workers have been cherishing a dream, wanting to start their own business, and the time is now. Aging is a new opportunity to be an entrepreneur.”

Huge Rise in Midlife Entrepreneurs

The numbers bear her out. According to the Kauffman Foundation, new-business creation by Americans age 55 to 64 rose by more than 60% between 1996 and 2013. Last year, their business starts accounted for nearly one-quarter of all launches.

(MORE: Plotting Your Next Move for Unretirement)

Economists Joseph Quinn of Boston College, Kevin Cahill of Analysis Group and Michael Giandrea of the Bureau of Labor Statistics have found that more than a third of men age 51 to 61 are self-employed, up from 20% in 1992. Some 15% of women in that age group are entrepreneurs, a rise from 10%.

Elizabeth Isele, the septuagenarian cofounder of the nonprofit Senior Entrepreneurship Works, applauds the trend but also has a concern. “There is too much happy talk about it,” she says.

From Nurse to Yoga Studio Owner

Amen, I imagine Liz Campbell saying.

Campbell, in her late 50s, is among the new generation of boomer entrepreneurs. The former nurse opened her Yoga Gem studio in Montgomery, Ala. in 2013.

It’s not that she regrets her decision. No, Campbell is passionate about her midlife career switch and her business. But after a rocky start, she has learned that starting and running a small enterprise is harder than some wannabes think.

“You really have to be prepared for the long haul,” she says.

(MORE: Busting the Myths About Work in Retirement)

Campbell graduated from nursing school in 1979 and then worked for about eight years as a nurse in the private sector. During much of that time, she was the sole support for her family of four, living in Oklahoma during the oil recession. (She later divorced.)

Campbell then joined the Air Force as a nurse—for greater financial stability—put in 20 years, and officially retired in 2009 as a Lieutenant Colonel. Like many boomers, Campbell wanted to keep active and employed, but the idea of sticking with the nursing profession didn’t appeal to her.

Instead, she used the GI Bill to pay for her training to become a yoga instructor in Albuquerque, N.M. She then moved to Montgomery and worked at a yoga studio before deciding to open her own and teach a style of yoga emphasizing healing and calmness.

“You see people change with yoga,” she says. “This is how you change the world.”

(MORE: Where to Get Help Launching Your Encore Career)

Limiting Her Financial Risks

Campbell somewhat cushioned the risks inherent in starting a new business by having a realistic financial foundation.

She pulled out about $60,000 of her money in the stock market to have safely at hand when, and if, needed. Perennially frugal, Campbell determined that the roughly $50,000 she receives each year from her military pension and veteran disability benefits would be more than enough to live on in Montgomery.

So she rented a large studio for $1,400 a month and crossed her fingers. “I opened the doors, and I would wait all day,” she recalls. “One or two students showed up. I thought: ‘What have I done? I signed a three year lease. What a fool I was.’”

Not really. Business picked up by the second month, through a combination of word of mouth, competitive pricing and marketing, including radio ads.

When I caught up with her recently, Campbell had two instructors on contract working a few hours a week, with another hire in the works. The studio now averages some 60 students a week and Campbell pulls in roughly $3,000 a month—enough to pay her rent, electricity, advertising and other business-related bills.

Better Prospects for the Years Ahead

She isn’t drawing a salary yet, though, and estimates that she lost about $5,000 last year. That turned out to be less of a concern than she thought. When Campbell delved into the bookkeeping records, she realized the loss mostly reflected costs associated with installing blinds at the studio and paying a co-instructor from a workshop that didn’t do as well as expected.

This year, Campbell expects her business will be in the black and that she’ll draw a small salary. Two reasons for her optimism: She’ll launch a yoga teacher-training program in September; 10 students have signed up, at $2,800 each. (She hopes the tuition income will allow her to hire more yoga instructors so she can devote more energy to the business side of the enterprise.) Also, Campbell plans to turn her volunteering as a yoga instructor at the local Veterans Administration medical center, into a paid contractor position there.

All in all, she believes it will take about five years to get her business humming and her hope is to sell Yoga Gem in about 10 years. At that point, she’ll likely ease into retirement by becoming a part-time instructor.

Her 3 Tips for Starting a Business in Midlife

I asked Campbell what advice she’d offer potential boomer small-business owners. Here are her three tips:

1. Writing a business plan is crucial. To learn how, Campbell took a class at a small business incubator run by the local Chamber of Commerce. “The class was a really good thing to do, even though the business plan changed right away,” she says. Campbell then quoted General Dwight D. Eisenhower’s famous observation: “In preparing for battle I have always found that plans are useless, but planning is indispensable.”

Federal, state, and local governments offer a number of programs like the one Campbell took, typically in partnership with other organizations and usually at little to no charge to entrepreneurs. Also, every state has a network of Small Business Development Centers, housed in colleges, offering professional guidance. The web portals of the Kauffman Foundation and the Small Business Administration are valuable sources, too.

2. Network about the nitty-gritty aspects of business. Campbell says she’s approached all the time by vendors and usually meets with them to learn more about running a company. Her relationship with one of her yoga customers, an experienced entrepreneur who sells organic skin products online, helped Campbell better understand small-business accounting and taxes. “Talk to everybody,” Campbell says.

One advantage of starting a business after 50: you probably have deeper networks to tap than younger generations.

Look for local startup events, meet-ups, conferences and competitions. You might even want to begin planning your business at a co-sharing workspace for independent entrepreneurs, which is a great environment idea sharing.

I’ve found that many veteran entrepreneurs are eager to mentor newcomers, so take advantage of their generosity. When I visited TechTown, the Detroit-based incubator, in 2012, it had about 120 experienced entrepreneurs working with potential small business owners. Said Leslie Smith, president and CEO of TechTown: “They just want to help create value.”

3. Be sure you have a financial cushion before taking the leap into entrepreneurship. Financial uncertainty is tough at any age, but that’s especially true when you don’t have a lot of time to make up any losses if the business goes sour.

So make sure your finances add up before taking the leap into small-business land. And then remember: the hard work is only beginning.

Chris Farrell is senior economics contributor for American Public Media’s Marketplace and author of the forthcoming Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and The Good Life. He writes about Unretirement twice a month, focusing on the personal finance and entrepreneurial start-up implications and the lessons people learn as they search for meaning and income. Tell him about your experiences so he can address your questions in future columns. Send your queries to him at cfarrell@mpr.org. His twitter address is @cfarrellecon.

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