Encore career can mean a reduction in salary

More and more workers are pursuing encore careers, either in pursuit of a lifelong passion or in response to unemployment. But making a transition to a different career field can cost a lot of time and money, according to a new survey from MetLife Foundation and Civic Ventures conducted by Penn Schoen Berland.

Of 253 adults age 44-70 surveyed, 43 percent reported earning lower pay while making a transition to encore careers, and 24 percent said they didn't earn anything during that time. Over half dug into their savings. The primary motivation for changing careers appears to be long-term unemployment, with a majority of the survey respondents reporting they'd been unemployed for longer than six months.

Common encore careers include nonprofit work, education, health care and government agencies.