I was reading the results of a recent study that destroys the biggest argument from my naysayers about being able to start an encore career living the Retire Early and Often lifestyle. They insist that finding a new meaningful and rewarding career is impossible due to age discrimination. They insist that anyone’s encore career success is due to luck.
This survey just came out from the American Institute for Economic Research (AIER). Their study results clearly show a High Encore Career Success Rate for those 45 and older making a sought-after career change in their later life. Success at a far better rate than people would expect.
Surprisingly the results go against most published articles on the matter. As the majority of respondents not only found and started new careers that provided them greater satisfaction. But also received higher pay than the career they left.
Of the survey respondents: Eighty-two percent reported they successfully transitioned to a new career after age 45. The key was having and using their transferable skills that they gained from their earlier career.
Not only did they find themselves being happier in their new pursuits but also receiving higher pay to do it. Some said they did initially start their new career at a lower salary. But they worked hard and climbed the income ladder to be paid higher than their first career paid.
My Experience Matches the Study Results.
This is certainly what I experienced. My first retirement was from an Engineering career working in telecommunications network operations. After some time off I started to pursue opportunities of interest in the wireless industry. I focused on skills that I liked doing. I did land a sweet position in a wireless company’s network operations and was enjoying it when I made another move. This time pursuing interest in the video (cable) industry working in IT as a Systems Analyst.
Again I was using my transferable skills to win the position. My wireless experience did pay less than my first career but that job was a lower stress and lower expectation job. The video position was in a new industry and career segment for me (IT instead of network operations). It paid around 13% higher than my first career. I retired from that IT career after a few years and later returned for a little early retirement side hustle in their telecom IT unit.
It seems that success can be found pursuing opportunities when using your first career and for myself even my second career gained skills and education despite everything we hear to the contrary that most people can’t find meaningful work in their later years.
Results Show a High Encore Career Success Rate but not 100%.
Although there was a high second career success rate from the respondents. There were still those who were unable to make a career change. The study results explained it came down to being short of the necessary education or skills required. The study found that for those who failed to connect to their dream position. They only had two of the required attributes being looked for.
From this we can see the importance of planning ahead and getting the necessary education and skills needed to improve our odds of making a later life career change. Respondents did go out and did exactly that in many cases. Although it would seem through the high success rate that age discrimination wasn’t a brick wall to overcome. There is no way to know how prevalent it was as a factor among respondent’s pursuits.
Conclusion
The study was actually called “New Careers for Older Workers”. But all the findings would fully relate to those who retire early and often by seeking their desired encore career. Because starting a new career in later life is exactly what starting an encore career is about.
If you want to see more about the study you can download the PDF from the American Institute for Economic Research site using the following link: https://www.aier.org/new-careers-older-workers. Just find the “download report” button. Your email is required.
The download even includes the survey questions so that you can evaluate how the survey was done and the depth of the questioning asked to come up with their results.
Have you found success pursuing an encore career?
Do you plan on retiring early from your current career and then seeking a new encore career?
Do you find the High Encore Career Success Rate surprising?