How We Will Work Longer As We Live Longer with Chris Farrell [Podcast]

Episode 2 – Corporate changes, entrepreneurship, working for nonprofits, and more.

Description:

This podcast is where those of us in the second half of life come together to discuss how to repurpose our careers for the 21st Century. Come listen to career experts give you proven strategies, listen to people like you tell their stories on 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. Are you ready to repurpose your career? Let’s get started!

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 aging of the population, and why that’s not such a bad thing; aspects of entrepreneurship; and that living longer, means working longer.

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