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Repurpose Your Career | Career Pivot | Careers for the 2nd Half of Life | Career Change | Baby Boomer

Repurpose Your Career podcast brought to you by Career Pivot is a podcast for those of us in the 2nd half of life to come together to discuss how repurpose our careers for the 21st century.  Come listen to career experts give you proven strategies, listen to people like you tell their stories about how they repurposed their careers and finally get your questions answered.   Your host, Marc Miller, has made six career pivots over the last 30 years. He understands this is not about jumping out of the frying pan into a fire but rather to create a plan where you make clear actionable steps or pivots to a better future career. 
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Repurpose Your Career | Career Pivot | Careers for the 2nd Half of Life | Career Change | Baby Boomer
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Nov 7, 2016

In this episode, Marc interviews Chris Farrell, Senior Economics Contributor at Marketplace, American Public Media’s nationally syndicated public radio business and economics program. He is the economics commentator for Minnesota Public Radio, and host of its series, Conversations on the Creative Economy. An award winning journalist, Chris is a columnist for Next Avenue, and the Star Tribune, and a contributor to the New York Times. His most recent book is Unretirement: How Baby Boomers Are Changing the Way We Think About Work, Community, and the Good Life. Marc and Chris discuss several topics, including the ageing of the population, and why that’s not such a bad thing; aspects of entrepreneurship; and that living longer, means working longer.

 

Key Takeaways:

[2:14] For 25 years the personal finance conversation has been on saving for retirement, and the ageing of the Baby Boomers. The economy conversation has been demographics -- the ageing of the population.

[2:41] Both conversations were negative -- Baby Boomers weren’t saving enough to support themselves in retirement; and there will be too many elders supported by too few young people, and that will undermine the economy.

[3:15] There is a whole body of economic work that says this negative view probably isn’t right. Unretirement was written to give this perspective a voice.

[6:03] As an entrepreneur, you control your hours. You are the boss. You make less money. Benefits are more expensive. Yet, all the surveys show that the self-employed and the small entrepreneur are happier than their peers of the same age.

[6:20] Marc cites The End of Jobs, by Taylor Pearson. Written for Millennials, it’s an important book for Baby Boomers, who face the same life and job questions.

[9:17] Pat Flynn’s book, Will it Fly? helps guide entrepreneurs on how to test markets for their products and services.

[10:25] Some Boomers may consider the nonprofit sector. Volunteering is a good way to find if you are interested in that cause, and if you want to work for that organization. Inside the organization you’ll hear about job openings, and you can network. 

[14:43] Unretirement is based on the idea that we are going to work longer. What are the personal finance implications of working longer?

[17:08] If you combine working longer with a natural frugality -- having more experiences, like eating out, and getting fewer things, like new cars -- your finances will be pretty good.

[19:23] One problem with planning to work into your 70s is that your own health, or the health of your spouse, or a parent, may prevent you from continuing the same hours. Entrepreneurship may be an answer.

[23:42] Some companies have made adjustments to the ageing workforce. They have strong incentive to keep skilled manufacturing employees on the payroll longer.

[26:35] When transitioning, look for people of your demographic. Where are they working?

 

Mentioned in This Episode:

Careerpivot.com

Contact Marc, and ask questions at: Careerpivot.com/contact-me

Contact Chris: CFarrell@MPR.org

Listen to Chris on MPR

Read Chris at nextavenue.org

Star Tribune

New York Times

Repurpose Your Career: A Practical Guide for Baby Boomers, by Marc Miller and Susan Lahey

Personal Branding for Baby Boomers: What It Is, How to Manage It, and Why It's No Longer Optional, by Marc Miller.

Unretirement: How Baby Boomers are Changing the Way We Think About Work, Community, and the Good Life, by Chris Farrell

The End of Jobs: Money, Meaning and Freedom Without the 9-to-5, by Taylor Pearson

 

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