University of RichmondRobins School of Business

January 28, 2014

Encorepreneurs vs. BoomersWhat’s Next?

An “Golden Nugget”

www.roadscholar.org

An “Golden Nugget”

• Not-for-profit organization that inspires adults to learn, discover and travel• Founded in 1975 as “Elderhostel” with 2 tours and 220 participants • Currently offers tours in all 50 states and 150 countries including Cuba• Uses both paid staff and volunteer “Ambassadors”• Wide range of tour types

• History tour of downtown Richmond• LA Dodgers Spring Training Camp• Hike, Bike and Paddle New Zealand• Cooking in Tuscany

• Intergenerational tours for grandparents and grandchildren.

www.roadscholar.org

“Golden Nugget”

• Short term virtual projects www.taskrabit.com

• As an employee benefit www.thevirtualconcierge.com

• Dedicated assistants www.asksunday.com

• Local help (but only 6 cities) www.taskarmy.com

Shorten Your To Do List With a Virtual Assistant

Link

America’s 100 Year Old Teacher – Starting Over at 81

Survey Overview

• Objectives were to:• Learn about the people who are currently active and

interested in encorepreneur!• See how they are different from the larger “boomer”

population• See if our programs are on-track and get ideas for the future

•We sent survey to just over 410 people• Had a 24% response rate – nearly 100 responses

Encorepreneurs

Industries60%

29%

7% 3%

1%

Employment Status

Encorepreneurs

43 46 49 52 55 58 61 64 67 70 730%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Age

Average Age = 60

Male74%

Female26%

Gender

Encorepreneurs Feel Younger Than They Are

43 46 49 52 55 58 61 64 67 70 730%

5%

10%

15%

20%

25%

How Old You Feel52

(Boomers Feel an Average of 7 Years Younger)

How Old You Are60

94% of Encorepreneurs Plan To Work After Retirement

Part Time Full Time Not At All0%

10%

20%

30%

40%

50%

60%

70%

80%

18%

5%

49%

22%

6%

Few Years Indefinitely

71% = “Indefinitely”

25% of Encorepreneurs Plan to Work Past 70

53 58 63 68 73

8%

14%

21%

32%

25%

Planned Age At Retirement

Average Planned Retirement Age = 68(about the same as all Boomers)

Encorepreneurs Are More Likely to Keep Working

Not Work at all Work Past Retirement For A While Work Indefinitely

21%

45%

33%

6%

23%

71%

Boomers Encorepreneurs

Only 11% Think Finding A Job Is An Issue3%

8%

13%

76%

Strongly AgreeAgreeAgree SomewhatDo Not Agree

Encorepreneurs Want To Work For A Purpose

Need the money

Work For Equity

Work For Less

Something New

Help Entrepreneurs

Rewarding Work

Help Others

Make A Difference

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

13%

13%

9%

28%

32%

55%

42%

60%

16%

33%

38%

29%

35%

32%

46%

35%

Strongly Agree Agree

Encorepreneurs Value Activity and Productivity

Pursuing your dream

Need the money

More time for fun

Helping others

Learning new things

Being w/ active people

Staying productive

Staying active

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

29%

30%

51%

57%

60%

68%

82%

83%

It’s Definitely Not About The Money

Total Population Affluent Population Encorepreneurs

52%

68%

77%

48%

32%

23%

Other Reasons Money

How We Want To Spend Our Free Time?

Industries

Taking care of parentsPlaying golf/tennisWorking on houseRelaxing, reading

Networking - businessLearning

VolunteeringSocializing

TravelingHealth

0% 20% 40% 60% 80% 100% 120%

A Lot Some

Retirement “Budget vs Actual”

Exerci

sing/

Fitness

Trave

ling

Socia

lizing

Volunteering

Relaxing,

reading,

Sports

Watch

ing TV

Cooking

-60

-40

-20

0

20

40

60

80

100

What Encorepreneurs Want To Spend More Time Doing vs.What Retired Boomers Actually Spend More Time Doing

What We Want To Do What Retirees Actually Do

What Would We Like To Learn More About?

Industries

Non-Profits Travel Mentoring Education FItness Golf or Sports

Care-giving Politics

54%52%

50%

45%

38%

11%9% 9%

What Would Help You With Your Plans?

Networking events

Online Community

Networking O

rganization

Incubato

r oracce

lerator

Business

or perso

nal coach

Awards p

rograms

Training

Job search

assista

nce0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

55%

30%39%

27%

11%21%

16% 14%

34% 59% 47%51%

51%

29% 30% 32%

Very Helpful Somewhat Helpful

What Do We Know About Encorepreneurs• We are first generation to approach retirement age with 2

decades or more ahead of – that’s another 1/3 of our working life.

• We seem to be taking advantage of it• 94% plan to work after retirement• 71% plan to work indefinitely

• We plan to work so we can:• Make a difference and help others• Do something rewarding

• We want our time to be active and productive

• BUT – retirees don’t find it easy to follow their plans… watching more TV than expected is the most mentioned retirement result

What Do We Know About Encorepreneurs• We want to keep fit and active

• We want to learn more about areas that support their desire to have a purpose• Non-Profits

• Mentoring

• Education

• We don’t care about golf or politics

• We want real and virtual networking and linking opportunities so we can stay connected.

Dan Buettner and the Blue Zones• Studied the five longest living communities in the world for National

Gegraphic

• Only 20% of our longevity is determined by genes

• Identified 9 characteristics that lead to longevity and, of the 9, at least 3 relate to our topic.• Move Naturally The world’s longest-lived people don’t pump iron, run marathons or join gyms.

Instead, they live in environments that constantly nudge them into moving without thinking about it. 

• Purpose. The Okinawans call it “Ikigai” and the Nicoyans call it “plan de vida;” for both it translates to “why I wake up in the morning.” Knowing your sense of purpose is worth up to seven years of extra life expectancy

• Right Tribe The world’s longest lived people chose–or were born into–social circles that supported healthy behaviors, Okinawans created ”moais”–groups of five friends that committed to each other for life bec ause bad habits are contagious

• Happiness climbs after 55 as long as we are physically able.

• We are 3 times more likely to die the year we retire fully than the last year we work

What’s Next Month?February 25, 2014 - 7:30am

Link

Elizabeth Bass Mentoring Opportunities for Encorepreneurs

Are Driverless Cars A Reality for The Future?

Mobility SupercenterIndustry Leading Retailer of Assistive and Adaptive Technologies

7450 Midlothian Turnpike