Seniors Turning Experience into Value: A Second Life in the Social Economy

 South Korea is experiencing one of the fastest aging populations in the world, and consequently, the number of retirees is rapidly increasing. Traditionally, retirement in Korea was associated with rest and leisure. However, this is gradually changing. More and more retirees are choosing a new kind of life that allows them to contribute to society while achieving personal fulfillment, leveraging their accumulated experience.

 

In fact, many seniors I’ve met are not just passing time—they are using their professional expertise and life experience to participate in social economy and social innovation sectors, shaping a second chapter of their lives.

 

When Seniors Meet the Social Economy: Creating Synergy

 

Social economy organizations—such as social enterprises, cooperatives, community enterprises, self-sufficiency businesses, and social ventures—prioritize community-based operations and social value. This aligns naturally with the knowledge, experience, and social networks that retirees possess.

 

Retirees engage with the social economy in several ways:

👉Mentoring and consulting for social enterprises

👉Establishing and managing cooperatives

👉Launching social enterprises to address local issues while creating sustainable revenue models

 

These roles allow retirees to convert their expertise into social value, provide fresh ideas and stability to organizations, and offer mentoring opportunities to younger social innovators.

 

Examples of Retirees in the Social Economy

 

😆Sangsangwoori

Sangsangwoori is a social enterprise that helps mid- and late-career individuals design a second life after retirement.

It combines their professional experience and skills with educational programs, job matching, entrepreneurship, and social contribution activities, expanding personal potential and creating social and personal value.

 

😆Encore Bravono Cooperative

Encore Bravono is a cooperative founded by retired seniors. Its members connect their expertise and experience from various professional fields to social enterprises.

The cooperative also provides mentoring to social economy organizations, supporting sustainable growth and development.

 

Screenshot of the Encore Bravono Social Cooperative website. (Source: Encore Bravono Social Cooperative website)

A Win-Win Strategy

 

Participation of retirees in the social economy offers multiple benefits:

👉Social connection: Reduces isolation and fosters networks after retirement

👉Increased self-efficacy: Converts experience and knowledge into social value, enhancing personal achievement

👉Economic opportunity: Generates income through activities or enterprise creation

👉Psychological well-being: Promotes mental and physical health through active social engagement

 

 

For social economy organizations, the involvement of retirees brings: 

👉Flexible structure: Diverse work schedules and participation options suitable for seniors

👉Sustainable operations: Contributes to organizational stability and long-term growth

👉Expanded social impact: Seniors leading or participating in projects create greater social value through community-based initiatives

 

In short, retirees’ experience and networks positively influence organizational performance and sustainability while contributing to social innovation.

 

Conclusion

 

Retirement does not mark the end of life; it can be a second chapter focused on creating social value and achieving personal fulfillment. Social economy and social innovation platforms allow seniors to connect their expertise with societal impact.

 

The South Korean experience demonstrates an innovative model where retirees can engage with their communities, build sustainable livelihoods, and turn their experience and skills into social value. Even after retirement, creating a second life and participating meaningfully in society is entirely possible.