A massive demographic transition has begun, particularly in the developed world. The percentage of the population over the age of 50 is exploding, and a growing number of people are looking to change careers later in life.

At this session on encore careers, the four panelists shared personal stories about their mid-life transitions following successful careers. As Sherry Lansing, CEO of The Sherry Lansing Foundation and founder of EnCorps Teachers Program, put it, she "did not want to die at her desk."

However, the panelists noted that people face challenges in making the transitions that they want. For example, programs that provide people older than 50 with the education and internships are less available than they are for younger people.

Moderator Paul Irving of the Milken Institute said other perceived obstacles include:

1. Financial insecurity
2. Uncertainty in career choice
3. Not enough information about what professions need them
4. Inadequate support system
5. Not enough time

A. Barry Rand, CEO of AARP, pointed out that many younger baby boomers are taking care of both their children and their parents, which makes the economic insecurity that comes with changing careers even more daunting. Marc Freedman, CEO of Civic Ventures, noted that financial insecurity is compounded by the fact that most health care is provided through employers. Lansing noted than in her experience the average transition takes a significant amount of time, roughly 18-24 months.

Ron Cordes, co-founder of the Cordes Foundation, used a personal anecdote about his career change to point out that many jobs are procured through personal and professional networks that often take years to build. When planning a switch, it helps to tap into the networks you already have built and start networking long before you take the leap.