It’s 2013, Are Boomers/Elders Ready For A Second Act Retirement?

First of all, A very happy and prosperous New Year to all my friends.  The year 2013 has been an interesting year starting with the USA led Occupy Movement to the Arab Spring Movement in the Middle-East, to the Canadian led Native Winter Movement and finally culminating  in the Mayan Movement.  Then, early in 2013 the USA Congress and Senate coming to some kind of an agreement to escape the dreaded fiscal cliff.

Let’s look at our retirement question above from two different points of view.

A) Boomers/Elders are NOT ready for a Second Act retirement

Take a look at websites such as RetirementOnline.com  You will find that many Adults (50 Plus) are NOT ready for a retirement life.  This site has hundreds of members where you’ll find seniors taking about how they are feeling and doing with respect to making that important transition to a rewarding retirement life. When I see seniors talk about their retirement anxiety and confusion it reminds all of us to look at this problem a little closer.  I suggest that we need more Lifelong Learning classes for the mature adult nearing retirement. This would give the pre-retiree or retiree a greater chance of success in their Second or even the Third Act of their Life. One survey, by Environics show Canadians lack preparation for retirement, even among baby boomers, who are already starting to exit the workforce. The survey also showed only 34 per cent of boomers- Canadians aged 45 to 65- have a Financial Plan in place for retirement.  I believe that any Adult 50 plus should also have a Business Startup Action Planner for those seniors that are contemplating extending their career to becoming either a business and/or social entrepreneur.

“Alarmingly,” TD (Toronto Dominion Bank) says 32 per cent said they were counting on winning a lottery to fund their retirement.  On the lottery response, TD said: “While this statement may be tongue-in cheek, according to the survey result, this group is less likely to have a financial plan and more likely to be anxious about retirement and feel behind in their savings.”

B) New Entrepreneuiral Vision for Retirement

With the help of new organizations like Startup Canada in Canada and Score.org in the USA North America is becoming a contenent of small business entrepreneurs.  Economist, Benjamin Tal, that there are several factors that appear to be driving this trend to more entrepreneurships for Canada & the USA.

Those include the aging population-the over-50 crowd represents 30 per cent of all the NEW startups; outsourcing by corporations to small firms; and the continued influx of immigrants, who represent a sizable section of the self-starters.

Tal also said older Canadians are more likely to start their own firms because they tend to have the work experience necessary; they’ve made useful contacts during the work lives; and they’re more likely to have the financial means to do so.

What is a Second Act?

Life Coach and financial expert, Stephen M. Pollan said that a ‘Second Act’ can mean changing careers, moving to a more desirable part of the Country (or World), starting a business, or dropping everything to pursue a life dream, whether it’s writing a novel, adopting a child, or traveling the world with a backpack and fishing pole.

Writing Your Second Act Script

In the case of being ready for retirement you will need to prepare ahead of time with specific goals and information that which is required to prepare an adequate financial and/or business plan.  At the same time writing your Second Act script will involve planning.

Quotation- “I have always thought that one man of tolerable abilities may work great changes, and accomplish great affairs among man kind, if he first forms a good plan, and cutting off all amusements or other employments that would divert his attention, make the execution of that same plan his sole study and business.”- Benjamin Franklin

Stephen Pollan said, “I encourage people to develop plans for all their larger life and career projects.”  Pollan believed major accomplishments cannot come without planning.  You can’t start a business or develop a social cause on a wish and a prayer.  And, you certainly won’t be able to reinvent yourself without developing and sticking to a plan, or a script for your selected Second Act project.

Second Act Script

Entrepreneurship is for everyone including the 50+ business and/or social entrepreneur.  The first page, or “scene” in your Second Act script is the MISSION STATEMENT you prepared.  It is your goal, your target, the purest distillation of what you want your Second Act to accomplish.  As such, it is the purpose of everything that follows in your script.

My own first page, or “scene” is to find out through writing a new book what the benefits are for older adults of starting a small business in their retirement life.  My extended mission statement is to empower Adults (50 Plus) to become business entrepreneurs through Lifelong Learning.  So, if you want to startup your OWN Second Act what will be your “scene” for an Encore Career?  If you need more help in starting a business and/or social project as an entrepreneur please ask your question by going to the website: YouInc.com Here, I have a relatively hot discussion group going under the title: Are Adults 50 plus part of the present entrepreneurial movement?

Second Act Planning Question Posed on YouInc.com

To explain further on YouInc.com I received an e-mail question posted recently by L. Marsh who asked the following : “I’ve been thinking a lot about what to develop while I’m still working in a completely other profession as I have been doing for many years.  This is my first time to the Arlene’s site (YouInc.com), and just reading your question (My question- Are Adults 50 plus part of the present entrepreneurial movement?), about the possibility of becoming post-50 business entrepreneur OR social entrepreneur made me light up.  I know nothing much yet about business or entrepreneurship, but have a really strong interest in social entrepreneurism.  Seeing the question made me feel it really could be possible and that others are doing it.  Thanks!

My reply to L. Marsh Question- Please go to the website: YouInc.com, register and under discussions find my specific question- Are Adults 50 plus part of the present entrepreneurial movement?

I’m looking forward to discussing the Second Act subject with all of you.

Happy Entrepreneuring Everyone!

Joe W.

 

 

 

 

 

 

 

 

 

 

 

 

 

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