For the baby boomer generation, "retirement" means a new job rather than no job. According to a Merrill Lynch survey, 76 percent of all boomers expect to continue working after retirement, often in a completely new career.
Thanks to grants sponsored through The MetLife Foundation and the educational think tank, Civic Ventures, community colleges throughout the United States will become one-stop shops for career-switching seniors. The Encore Careers Grant will provide 10 $25,000 grants to exceptional two-year colleges nationwide to create programs aimed at helping boomers ages 50+ transition from their primary job into a second, "encore career" in fields facing critical worker shortages.
The Show Must Go On
"The reality for the demographic of ages 50 and over is that they're going to have to stay in the workforce longer," comments Metlife Health Program Director Barbara Dillon, citing financial pressures such as mounting retirement, living, and health care costs. Paul Hodge, chairperson of the Global Generations Policy Institute, a nonprofit that specializes in studying baby boomer needs, agrees that most boomers stay in the workforce because they aren't in an economic position to retire.
"The top one-third of the baby boomer cohort are financially well-off, but the bottom two-thirds are going to have to keep working to supplement their income," Hodge states.
Keeping older workers working is also beneficial for the national economy. According to the Bureau of Labor Statistics, by the year 2014, approximately 78 million boomers will leave the workforce with only 75.6 million replacement workers entering. To prevent a critical labor shortage, programs designed to transition boomers into new careers, especially in high-need fields such as health care and social services, will play a crucial role in keeping the economy afloat.
Community Colleges Step Up
An easy place to re-skill workers is at the community college level, says Norma Kent, vice president of communications for the American Association of Community Colleges. "There are more than 1,200 community colleges nationwide, most of which are a short commute from 90 percent of the population," Kent explains. "They're very convenient, they're affordable, and they're going to become increasingly important."
Jeff Kraus, assistant vice chancellor for public relations for the Virginia Community College System, recommends that adults seeking an encore career should investigate career-switch education programs, specifically ones that help redirect current skills rather than building new foundational ones.
"[Adults] don't have to recreate the wheel and start from scratch," comments Kraus. "We want people to bring that experience to the classroom and we've had good results."
Also advisable for soon-to-be career switchers: The exploration of support programs such as tutoring and mentoring, and interviewing at least one program alumni on his or her experiences both in and after the classroom.
"We believe that community colleges are an overlooked resource in helping older people find new careers," comments MetLife CEO Sibyl Jacobson. "With so many workforce needs and a huge number of people searching for purpose-driven jobs, we have an unprecedented opportunity to improve things."
