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The stereotypes abound: that Americans 55 and older are over the hill, on the shelf, and their headlights are getting dim. When the Social Security Act of 1935 established the retirement age of 65, average longevity was 62. In 2012, 77 years later, despite the reality that longevity for men is 78 and 80 for women, a pervasive negative sentiment remains about older workers and aging in America.

Our national focus is on hiding the wrinkles and shedding the years, thus perpetuating ageism thinking and encouraging people to conceal their age. We shouldn’t focus on the problems of an aging population, without understanding and taking advantage of the benefits and opportunities.

Myths and stereotypes about aging are prevalent, despite a massive amount of contrary data. Here are some of the disconnects that create dilemmas:

1. America’s focus is on marketing to younger people, while older people have the money. According to the Harvard Business Review, people 55 and older own or control more than 70% of the total accumulated private wealth in America and account for 50% of total discretionary spending.

2. Companies spend much more on training and development of younger workers than on older workers, despite the reality that investment in the older workers would have a better pay-off because younger workers 20-34 have more than three times the turnover of workers 55-64.[1]

3. Employee benefit programs, particularly defined pension plans, encourage people to retire earlier, even though many would like to continue working longer and are able to add substantial value. In fact, laws and public policies often discourage or provide a disincentive for companies to continue using workers 55+ and for people 55+ to continue working, instead of encouraging both groups to do so.

4. National economic growth and our standard of living may be reduced if workers 55+ are not provided with opportunities to continue working (i.e., they will be drawing from instead of contributing to the economy), yet there is no strong recognition of the need to do so.

5. Research shows that millions of Americans want to continue working after retirement (80% of the Baby Boomers indicate that they intend to do so[2]), the largest percentage on a part-time basis, but most companies aren’t providing phased retirement and other flexible workplace options that will help them retain and recruit workers 55+ who can continue adding value.

6. Medicare and Social Security are financially unsustainable, yet we only apply band-aids.  The retirement age must be changed to reflect that people are living longer, in better health and able to continue working for substantially more time. Helping workers over 55 to remain productively engaged would ease Social Security and Medicare/Medicaid problems and would contribute to the country’s economic growth.

The reality is that Americans are living substantially longer lives and in better health, but our thinking about aging and retirement remains largely unchanged. We are doing our country a disservice when we view people in terms of chronological age rather than considering their overall capabilities and their ability to add value. It’s time to change this paradigm.

In support of this paradigm shift, the Center for Productive Longevity (CPL), an organization serving as the bridge between people 55 and older and opportunities that enable them to continue in productive activities, has initiated a national competition, the Later-Life Story Contest, for people 50 and older. The competition has two categories: Entrepreneur Success Stories and Inspirational Later-Life Stories. A panel of three independent judges will select one winner from each category who will receive $1,000 and a specially designed trophy. CPL will post the best stories on its website (ctrpl.org) under “Success Stories.” The contest deadline is August 31, and winners will be announced on October 1, 2012.

To submit a story, visit http://www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be 55 and older, have a compelling story to share, and be willing to have it posted on the CPL website for viewing and for possible publication. Stories may also be sent to James Hooks at jhooks@ctrpl.org. 

The anomaly is that people in America are living 30 years longer than people in the 20^th century but only working two years longer.  In 2000, the average retirement age was 62, and the average retirement age in 2010 was 64.  Many of the recent retirements were involuntary: the massive lay-offs between 2008-2012 because of the Great Recession, corporate mergers and consolidations, work being outsourced to other countries, increased automation, and other factors.  Many were also voluntary as employees accepted attractive severance packages or just wanted to get off the corporate treadmill.

Here are the seven principal reasons why many people 55 and older (55+) want to continue working after retirement: 

• The need for additional income to maintain a standard of living or the desire to have additional income for discretionary spending
• Recognition that, with knowledge of their increased longevity and vulnerability of their financial resources through market fluctuations, it may be necessary or desirable to generate additional income through a career after retirement
• The desire for continued interesting/stimulating/challenging work to maintain cognitive skills and abilities
• The desire to maintain self-esteem and self-fulfillment by continuing in productive activities that add value
• The desire to maintain relationships with the outside world and to remain socially connected
• The attraction of continued part-time work, without the responsibility and stress of a full-time job, to enhance the satisfaction with life and overall feeling of well being
• The opportunity for flexible workplace options that offer greater choices than full-time work plus an attractive benefits package that desirably includes healthcare coverage

My consulting firm, Human Resource Services, Inc. (HRS) organized a “Survey on the Strategic Involvement of HR in Fortune 1000 Companies” that was completed in November 2011 and conducted by Harris Interactive, with 25 major companies as sponsors.  Only 24% of the HR heads stated that their companies provided flexible workplace options.  The options include:

• Reduced working hours
• Reduced working days
• Flexible working times that may be variable
• Seasonal work
• Job sharing
• Telecommuting (i.e., working from home with telecommunications connections)
• Different work assignments (e.g., mentoring or training younger workers, a new functional or business area)
• Project assignments

As the economy improves and companies face the reality of an aging and shrinking workforce, many more will be required to develop flexible workplace options.  In a recent AARP survey, 80% of Baby Boomers indicated their intent to continue working, more than half on a part-time basis. Companies will be required to tap this large and growing talent pool of workers 55+ because of their experience, expertise, seasoned judgment and proven performance (we call that EESP).  And recent surveys conducted among Generation Y and Millennials indicate that many of them want more flexibility to spend time with their families and engage in other activities.

Companies would also be well advised to maintain databases of retired workers who may want to continue working on a part-time basis because it is substantially more efficient and cost effective to hire former employees who know the company and can continue to add value.   The alternative is to pay a fee to a staffing company for part-time help who don’t know the company, the people and the way it functions. 

HRS has created a nonprofit, the Center for Productive Longevity, with this mission:

To stimulate the substantially increased engagement of people 55 and older in productive activities, paid and volunteer, where they are qualified and ready to continue adding value.

In furtherance of this mission, CPL will be working closely with the HR heads of major companies around the country to increase their focus on flexible workplace options, as well as reaching out to mid-size and smaller companies. For more information, please visit www.ctrpl.org/.

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and opportunities that enable them to continue in productive activities, recently wrapped up its last meeting in the “Spotlight on Entrepreneurship Opportunities for Baby Boomers” series. These meetings attracted more than 400 participants 50 and older to the four meetings in Kansas City, Mo., Boston, Chicago and Denver.

There are 78 million Baby Boomers (one-quarter of the total U.S. population) reaching the traditional retirement age of 65 at the rate of 4.2 million each year from 2011 through 2029. With unemployment high and economic growth low for the foreseeable future, new-business creation is a bright spot on a gloomy employment horizon for older people. A survey sponsored by AARP in 2011 indicated that 80 percent of the Baby Boomers surveyed intend to continue working after leaving their regular career jobs. This series of meetings is on the leading edge in encouraging Baby Boomers to consider the benefits and opportunities of new-business creation as they consider how to remain productively engaged.

This interest in entrepreneurship as a career after retirement is reflected in national research as well, with increasingly more people 55 and older creating their own businesses than people 20-34. In fact, according to Kauffman Foundation research, the relative percentage of entrepreneurs has increased by almost 7 percent for people 55-64 from 1996-2011, the largest increase among all age groups. By contrast, the percentage dropped about 5 percent for people 20-44.

“This is what built America! Individuality, capitalism, inventiveness, and the freedom to create your own business,” stated Karen Rose, a participant in the Denver meeting. “This meeting reignited passion in so many of us, along with providing educational avenues to turn passion into success.”

Tom Backhus, another participant in the Denver meeting, said, “The event has given me confidence in moving forward and ideas on the importance of writing my business concept.”

Each meeting had presentations by successful, highly visible entrepreneurs such as Jerry Kelly, CEO and Co-Founder, Silpada Designs, Doug Rauch, former President and CEO, Trader Joe’s, Larry Levy, Founder and Chairman of Levy Restaurants, and Alan Hall, Founder and Chairman, MarketStar.

Participants also attended interactive breakout sessions on topics relating to new-business creation and how to become an entrepreneur, including: risks and rewards, strategies for identifying and selecting potential business opportunities, developing a business plan or business concept statement, and exploring funding support.

Written evaluations from all of the meetings indicated that participants benefited and were even inspired by their experience. Almost all participants reported that it increased their understanding of the benefits and opportunities provided by entrepreneurship, and 74 percent stated they were now more likely to create a new business as a result of the meetings.

For more information on CPL, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL. 

As people continue to live longer and retire earlier, the term “Third-Stage Adulthood” has more relevance than ever before. Referring to people 62-85 years old, this stage of life is chock-full of senior workers who are qualified and ready to continue working after the traditional retirement age of 65 or sooner. This means that there is a large and growing talent pool with experience, expertise, seasoned judgment, and proven performance (referred to by CPL as EESP), to meet the workforce needs of the 21st century.

The concept of “Third-Stage Adulthood” was first conceived in a paper, “The Evolution of Adulthood: A New Stage” co-authored in 2000 by Dr. Elliott Jaques, who conceived the mid-life crisis in 1965, and CPL Founder and CEO William Zinke. Zinke created CPL, which is based in Boulder, Colorado, to stimulate the substantially increased engagement of people 55 and older in productive activities, paid and volunteer, where they are qualified and ready to continue adding value.

Now in 2012, the concept of Third-Stage Adulthood is even more important than when the term was coined. CPL urges everyone to recalibrate their thinking for this new reality because the results could be dire if action isn’t taken. If Baby Boomers are pushed to the sidelines, the nation’s entitlement programs (e.g. Social Security and Medicare) will become unsustainable even sooner than projected. To prevent this crisis, the country should tap the talent pool of retired workers in Third-Stage Adulthood and put their knowledge, skills and abilities to use.

“Embracing ‘Third-Stage Adulthood’ can be a positive life-changer as people enter this next phase,” says William Zinke, 85. “The concept urges society to recognize that older people can continue to add value for significantly longer periods of time and that they should be viewed as individuals, instead of all being lumped under the clichés of being ‘over the hill’ and ‘out of the game.’  The result will be that millions of older people with EESP can continue contributing to, instead of drawing from, the national economy and society.”

CPL subscribes to a concept of adulthood that falls into three stages, described as follows:

First stage of early adulthood (18-40) – the time to build experience and expertise; to decide whether to work in the private, public, or non-profit sectors and perhaps even gain some cross-sector experience; to decide whether to develop a career in a company or to become an entrepreneur; to focus on the development of particular skills and abilities; to build a solid foundation for the next two adult stages.

Second stage of mid-adulthood (40-62) – the time when experience and expertise produce problem- solving capabilities and sound judgment (CPL likes the saying that good judgment comes from experience and experience comes from bad judgment) and perhaps even the beginnings of wisdom. Any mid-life crises have been traversed and assurance and self-confidence have become more firmly established as a result of learning how to function more effectively. There is also continuing growth and development during this stage.

New-stage of mature adulthood (62-85) – the time when many individuals, although not all (e.g. people who have been engaged primarily in physical labor, who have not maintained a commitment to physical fitness, or who have debilities or disabilities), can continue to be significant contributors. They have had about 40 years to gain experience and expertise, to develop seasoned judgment and proven records of performance and to build their intellectual and social capital. While documented research indicates that cognitive capability may have plateaued for some, the intellectual growth curve continues to move upward for people who have continued to remain productively engaged.

CPL launched the Later-Life Story Contest on June 1 to solicit empowering stories from people 55 and older. The competition has two separate categories: Entrepreneur Success Stories and Inspirational Later-Life Stories. A panel of three independent judges will select one winner from each category who will receive $1,000 and a specially designed trophy. CPL will post the best stories on its website (ctrpl.org) throughout the contest under “Success Stories.” The contest runs through August 31, and winners will be announced on October 1, 2012.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be at least 55, have a compelling story to share, and be willing to have it posted on the CPL website for viewing and for possible publication. Stories may also be emailed to James Hooks, CPL’s Director of Marketing and Technology, at jhooks@ctrpl.org.

For more information on CPL, the contest and Entrepreneur Success Stories, visit ctrpl.org or Facebook at facebook.com/CTRPL.

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and opportunities that enable them to continue in productive activities, is organizing three more meetings this fall in the “Spotlight on Entrepreneurship Opportunities for Baby Boomers” series. The meetings are designed to contribute to a national momentum for new-business creation, which enables Baby Boomers to remain productively engaged and also facilitates national economic growth.

The events will be held for people 50 and older at Babson College in Wellesley, MA on September 14, Northwestern University/Kellogg School of Management in Chicago on October 11, and the University of Denver on November 15. To register and view preliminary agendas, visit http://www.ctrpl.org/entrepreneurship-meeting/overview. Sponsors of upcoming meetings include AARP, CPL, and a number of other organizations.

Each of the meetings will have presentations by three successful entrepreneurs. The meetings will also include two rounds of interactive breakout sessions on topics relating to new-business creation and how to become an entrepreneur, including: risks and rewards of being an entrepreneur, strategies for identifying and selecting potential business opportunities, developing a business plan or business concept statement, and exploring funding support.

The first meeting in the series was held March 27 in Kansas City, MO at the Kauffman Foundation, a focal point for entrepreneurship in America, and attracted 95 participants. The written evaluations indicated that the meeting was extremely successful: 87 percent of the participants reported that it increased their awareness and understanding of the benefits and opportunities provided by entrepreneurship, and 97 percent stated they were now more likely to create a new business.

This interest in entrepreneurship as a career after retirement is reflected in national research as well, with increasingly more people 55 and older creating their own businesses. In fact, according to Kauffman Foundation research, the relative percentage of entrepreneurs has increased by almost seven percent for people 55-64 from 1996-2011, the largest increase among all age groups; by contrast, the percentage dropped about five percent for people 20-44.

The minimum age level is 50, and qualified people can register now for one of the following meetings at http://www.ctrpl.org/entrepreneurship-meeting/overview: 

• September 14, 2012: Babson College, Wellesley, MA

Babson College has been selected for each of the last ten years as having the best post-secondary school program on entrepreneurship in the country.  Leonard Schlesinger, the President of Babson College, and Ralph Sorenson, past President of Babson College and founder of its Center on Entrepreneurship, will be the opening speakers.

• October 11, 2012: Northwestern University/Kellogg School of Management, Chicago, IL

Dr. Paul Magelli, Senior Director, Academy for Entrepreneurial Leadership, University of Illinois at Urbana-Champaign, and James Shein, Professor of Entrepreneurship, Kellogg School, will make the opening presentations.

• November 15, 2012: University of Denver, Denver, CO

The details for the Denver meeting are still being finalized, but will include Courtney Price, President of VentureQuest, and one other speaker.  Go to http://www.ctrpl.org/november-15-2012 for the latest information.

The number of participants will be limited to 125 on a first-come basis. The cost of $35 per person covers inclusion of a spouse, if desired, and a post-meeting workshop on the “how-tos” of creating a new business. Payment to the Center for Productive Longevity must be received by the first of the month in which the meeting is held to confirm participation.

CPL has also initiated a national competition, the Later-Life Story Contest, for people 55 and older. The competition has two categories: Entrepreneur Success Stories and Inspirational Later-Life Stories. A panel of three independent judges will select one winner from each category who will receive $1,000 and a specially designed trophy. CPL will post the best stories on its website (ctrpl.org) under “Success Stories.” The contest deadline is August 31, and winners will be announced on October 1, 2012.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be 55 and older, have a compelling story to share, and be willing to have it posted on the CPL website for viewing and for possible publication. Stories may also be sent to James Hooks at jhooks@ctrpl.org.

For more information on CPL, the meetings and how to submit entrepreneur success stories, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL.

BOULDER – G. Anthony Harrigan and Ken Finkel, principals of Impact Wealth Advisors, Ltd. in Boulder (www.ImpactWealth.com), were awarded the FIVE STAR Wealth Manager title for 2010 by 5280 Magazine and ColoradoBiz Magazine in Denver.

The 2010 FIVE STAR Wealth Manager award is granted to an elite group, representing less than 4 percent of Denver area wealth managers. The award is based on how clients and financial services industry professionals evaluate their experience in working the individual wealth managers and not on the company’s sales volume.

Harrigan, a resident of Broomfield, and Finkel, who lives in Boulder, started their Boulder wealth management business in 2008 to offer holistic financial planning that focuses on a client’s life goals and aspirations, not just their investments.

As a local Boulder business, Impact Wealth Advisors is a strong believer in community partnering, and presents its own Impact Award to an area nonprofit each quarter.

A national research company under the direction of Crescendo Business Services conducted research for the FIVE STAR Wealth Manager list, published in the November issues of 5280 and
ColoradoBiz.

To be selected for the FIVE STAR award, survey recipients are asked to select wealth managers whom they knew through personal experience, and to evaluate them on nine criteria: customer service, integrity,
knowledge/expertise, communication, value for fee charged, meeting of financial objectives, post-sale-service, quality of recommendations and overall satisfaction.

About Impact Wealth Advisors Ltd.

Impact Wealth Advisors in Boulder, Colo. provides holistic wealth management planning that focuses first on clients’ life goals and aspirations to improve the chances of achieving the future they
envision. Impact Wealth offers objective and independent investment counsel on retirement, education, estate planning, insurance analysis, tax minimization, charitable giving, real estate, family legacy and wealth succession. Visit online at www.ImpactWealth.com.