Life Shift

Career Encore

Meet Paul

Living his best years

Financial professionals like you probably have a lot of clients like "Paul" – people who’ve retired from their main career but now work or volunteer in a new capacity. Paul is a persona we created based on findings from an extensive study of more than 2,000 older Americans. See Paul's profile below to better understand your Career Encore clientele. And check out the tips and ideas section to help your customers in this life shift take steps to maximize their retirement.¹

¹The "Paul" persona is based on findings from a 2019 research project conducted by RTi Research, The Business of Aging, aha, AARP, and COLLABORATA in collaboration with Global Atlantic and other leading organizations.

Paul’s profile

Paul retired from his primary career nine years ago and now works part time roughly 18 hours a week. Career Encore clients like Paul tend to be a bit older, more educated, and have higher incomes than those who are continuing in a full-time paid job or career. Here are Paul’s key stats:

Paul's age

Employment: Part-time freelance writer and volunteer

Civil status: Married

His life shift details

As a freelance writer and volunteer, Paul has a different outlook on life (as opposed to Career Encorers working because they have to). He loves his life shift and:

Is highly motivated – Paul partakes in more activities/hobbies than any other life shift
Feels very supported by his friends, family and volunteer environment
Uses technology for efficiency – not fun (his life activities are offline)
Spends money on things like smart devices, gym memberships, health supplements and financial services

Paul’s state

Paul wasn’t forced into retirement – he decided when he wanted to end his career and feels his best years are now. As a result, Paul:

Is more satisfied with his emotional health than any other life shift
Feels financially secure but the shift from saving to spending and from private insurance to Medicare has caused stress
Feels physically healthy (second only to the Grandparent life shift) but is still concerned about staying healthy
Is more socially healthy than all other shifts

Here’s your playbook to help your Career Encore clients thrive.

Of the five major life shifts, people in the Career Encore segment are among the happiest and most fulfilled. As such, you have an opportunity to build upon that positive momentum. Here are just a few ideas to help you get started.

Tips

Tip #1

Align yourself with and learn from a financial professional who has expertise in Medicare. Connect your clients with this professional to help them determine their proper coverage.

Tip #2

Help them develop a solid retirement income plan that they can’t outlive.

Tip #3

Spotlight your Career Encore clients in a newsletter – volunteers, freelancers, entrepreneurs and part time workers.

Resources

Resource #1

Encore.org*: People in the Career Encore life shift worry about boredom after their retirement and are often buoyed by a renewed sense of energy and purpose – given the right opportunity. That’s where Encore.org may help – an organization designed to give older Americans the ability to impart their experience and to connect with the younger demographic.

Resource #2

Boomer Reinvention: How to create your dream career over 50 by John Tarnoff: Your Career Encore clients (who may have been forced out of a job but still need to keep working) may deal with rampant ageism and longevity challenges. Boomer Reinvention is designed to help such people “engage in the new economy in a new way.” Could make a for a nice gift for your Career Encore clients**.

Resource #3

Nextavenue.org**: Nextavenue.org has a mission “to meet the needs and unleash the potential of older Americans through the power of media” and is packed with helpful content on health, money, work & purpose, living and more.

Resource #4

AARP.org**: The AARP.org website has entire sections dedicated to “Working at 50+,” “Career change,” and “Health” – all of which could provide good third-party insight to your career-encore clients looking for new work, maintaining their health and more.

*Check your firm’s non-cash compensation policy prior to giving gifts.

**For illustration purposes only. These third party websites are not affiliates of Global Atlantic and their mention is for informational purposes only.

Events

Event idea #1

Host Medicare workshops: As our research confirms, the switch from private insurance to Medicare is a confusing road for Career Encorers. By being a resource connector and partnering with an individual who has Medicare expertise, hosting a Medicare workshop may be an invaluable source of information for your Career Encore customers.

Event idea #2

Host retirement income workshops: Like the switch from private insurance to Medicare, the shift from saving to spending can be a jarring transition to your Career Encore clients. Look for ways to help them strategically decumulate what you’ve helped them build.

Event idea #3

Host back to work parties, volunteer fairs, travel seminars, etc.*: When it comes to building deeper connections with your Career Encore clients, the sky’s the limit. Hosting events to celebrate their re-entry into the workspace, highlighting their favorite charity, helping them network, exploring the world and more can provide meaningful and relevant experiences for people in this life shift.

*Consult your firm’s non-cash compensation policies prior to hosting client events.

Want more? Request a review

Looking for more ways to create better experiences for your clients in any of the five major life shifts? Request a one-on-one practice review with a Global Atlantic Consulting Group team member today.

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