If America is a land of second acts, then baby boomers are writing the script — one character, one scene at a time.
The impact on society from the sheer numbers of those born between 1946 and 1964 is unprecedented, observed Mark Mather, vice president at the Population Reference Bureau, a Washington, D.C.-based research institute.
"They've kind of disrupted everything that we're seeing," he said. Better educated and healthier than earlier generations, boomers not only are living longer, increasing demands on everything from housing to health care, they also are working longer, changing the way people think about career and retirement, he said.
David Alley is executive director at Shift, a Twin Cities-based organization that runs programs focused on navigating midlife work-life transitions. Shift's mission, he says, is helping participants combine "purpose, passion and a paycheck" in what he describes as "the perfect trifecta." And those seekers have a lot of company: Nearly 19 percent of people 65 and older remain in the workforce, a number that has been steadily growing since the mid-1980s and stands at the highest level in half a century, according to the Bureau of Labor Statistics.
Three Shift alumni shared with me their very individual stories about writing their own second acts.
Charting a phased retirement
While no longer working for pay after a 37-year career spent mostly at Medtronic, Ron Stuedemann, like many retirees, keeps busy in volunteer activities including roles on the boards of both Shift and a Medtronic retiree group. But to get there Stuedemann created his own unique path to retirement.
As he approached his 61st birthday a decade ago, ("the same age my dad died," he recalls) Stuedemann wondered how he would decelerate from the fast pace he was used to as manager of global customer support and hand off his highly technical job at the global medical device maker. He proposed phasing himself out over the following year while helping identify and mentor successors. He also cut back to four days a week while exploring life outside of work, taking a 20 percent pay cut.
As more boomers retire from specialized jobs with a thin bench of experienced replacements behind them, phased retirement is an obvious solution, Stuedemann believes, because it simultaneously fosters career growth for younger workers. But most companies lack formal policies on phased retirement, and late-career employees may fear that suggesting it will marginalize them, he said.