Want A New Career? Take An Encore

While a large majority of those pursuing encore careers reported feeling satisfied and seeing the positive results of their work, there are some concerns to take into account when considering such a drastic change. Changing one's mindset from corporate profits to altruism is not without its kinks.

While a CEO and a soup-kitchen administrator both have a great deal of responsibility and oversee a large staff, there are stark differences in skill-set, mindset, wages and status. The second-phase career often requires additional training and comes with more hands-on work.

"In one of the three business units I ran, I had engineers and designers and sales people and marketing people and production people and manufacturing people," says Williams. "Here, I'm my own janitor, my own salesperson, my own attorney."

New Tricks

While Williams insists he was happy to tackle the new hurdles, 41% of those in encore careers say that learning new technologies and skills or returning to school for certification presented a challenge. About one-third said they are struggling with the loss of seniority or status.

While Williams insists he was happy to tackle the new hurdles, 41% of those in encore careers say that learning new technologies and skills or returning to school for certification presented a challenge. About one-third said they are struggling with the loss of seniority or status.

"When you're in the game you think, 'Wouldn't it be fabulous to be on the sidelines for a little while?'" says John Gomperts, president of Civic Ventures. "And when you're on the sidelines for a little while, you start thinking, 'Gosh, I'd like to be back in the game.' The grass is always greener."