Senior Resource Guide - Ottumwa Courier 2022 | Page 22

How to plan for a post-50 career change

Metro Creative Connection
Professionals change careers for many reasons . Some do so in pursuit of a higher salary , while others seek a more even balance between their personal and professional lives .
Career changes can renew a person ' s passion for working , which can grow stale for individuals who have been doing the same job for years on end . Though there ' s not necessarily a bad time to change careers , there are times when making such a transition carries more risk . Such is the case for individuals over 50 . Many individuals over 50 may not have the financial obligations they had when they were younger , as children may have grown up and moved out of the house . That can make changing careers after 50 more palatable . However , some individuals in their 50s may be hesitant to leave the security of an established career behind in favor of something new . Hesitance about job prospects after 50 also can make some less likely to take the plunge into a new career .
Though hesitancy about a career change after 50 is understandable , a recent survey from the American Institute for Economic Research found that 82 percent of workers who responded to the survey were able to successfully transition to a new career after age 45 . In addition , projections from the U . S . Bureau of Labor Statistics estimated that labor force participation among individuals aged 65 and over would increase significantly by 2022 , nearly doubling the rate of participation in 1990 . Those figures suggest that a midlife career change is not necessarily the same thing as a late-career career change . That should give professionals the confidence they need to successfully transition to a new career .
Individuals mulling a career change after 50 also can take these steps to make such a transition less risky .
— Pay down as much debt as possible . Financial freedom can be an ally for individuals 50 and over who want to change careers . Career changes often require a pay cut , so individuals who can pay off their mortgages , consumer debts and / or auto loans prior to making a career change may find the transition to
a lower income goes more smoothly than it might if they ' re still carrying such sizable financial commitments .
— Make plans to delay retirement . As BLS data indicates , individuals who want to delay retirement certainly won ' t be alone . Delaying retirement affords individuals more time to save , and a financial advisor can help adults over 50 come up with a new retirement plan that reflects their willingness to work longer . Delaying retirement also means delaying withdrawals from retirement savings accounts , which can provide peace of mind against a loss of income resulting from a career change .
— Downsize your lifestyle . Even a post-50 career change that will require a significant drop in income can be doable for professionals who downsize their lifestyles . Empty nesters can consider moving into a smaller home , while travelers can cut back on the number of trips they take each year . Cutbacks won ' t necessarily be easy , but they can be worth it for individuals looking for new career challenges .
— Go back to school . Much like young people go to college before entering the professional arena , adults over 50 who want to change careers may need to go back to school to improve their career prospects . Remote learning and part-time schooling can make juggling a career and school more manageable .
A successful career change after 50 is entirely possible for individuals willing to make some sacrifices to be happier in their professional lives .
22 Senior Resource Guide 2022