Making an “after 50 career change” doesn’t have to be intimidating. It might be the best thing you ever did.
Succeeding in a career is no easy task. For many, it’s a job for life; you work your way up the ladder over the years and keep climbing until retirement.
But what if that doesn’t happen?
What if you get to retirement age, or even before then, and realize you’re unhappy with your current career path?
Is it too late to make a change?
What Is a Late-Life Career Change?
A late-life career change is often associated with making an after 50 career change. But, it’s not uncommon for people to make career changes later than that.
So, it’s perfectly normal to change careers and begin a job search at any age. Navigating career changes is a combination of strategy, being at the right place at the right time, and a leap-of-faith.
A recent report from the Bureau of Labor Statistics noted that “baby boomers held an average of 12.3 jobs from ages 18 to 52″.
Making a career change at 50 and beyond is something that many people have in their minds nowadays.
Why Do People Change Careers in Their 50s or 60s?
There are many reasons for wanting to change your career at this stage in your life.
One of the most common reasons for making an after 50 career change is wanting a new challenge.
If you have been doing the same job for several years, it’s easy to become bored and lose interest in learning anything new.
Or it might be that your current job has become too stressful or physically demanding.
And, generally speaking, as many people get a little older, they want a job with a more flexible schedule.
But, there are other reasons as well for example:
- Salary increase
- Change in personal philosophy and goals
- Dissatisfaction with current employers leadership
- Needing greater flexibility at work
- Unsatisfied with their current career
- Health and family reasons
- Wanting to work from home
The bottom line is that people who make career changes aren’t satisfied with their job.
And, there are a number of reasons why baby boomers want to work in retirement. Many think that it’s just for the money but there’s more to it than that.
The Value of Experience For Making an After 50 Career Change
People are beginning to realize they can’t just keep going on the same path and expect different results. They have to make a change.
Like myself, lots of people make an after-50 career change. Often they’re doing something entrepreneurial, changing industries, or going back to school for more education.
In my case, I did all three.
What I think is happening is that your life experience becomes more meaningful when you get older. You can bring a lot to the table when you’ve been working at a career for over 20 years versus having only a few years of experience.
So now people are seeing the importance of repurposing their skills, and rebranding themselves to become more valuable.
After 50 Career Change vs. Earlier in Life
So, when is the right time to change careers? It is essential to be aware of how your age affects your decision.
There are two sides to this coin, but in general, changing careers earlier will mean you have more time to get comfortable and build a reputation in your new field.
And, depending on your position, you can become more influential and improve your earning potential.
On the other hand, starting an after 50 career change has lots of advantages.
You’ve already had an established career, meaning that you might have more assets you can use to create a new business or pursue a career in another industry.
Why Changing Careers After 50 Can Be Challenging.
There are several reasons why it can be difficult for people to transition from one career to another, but confidence is one of the main reasons.
Another reason why people hesitate to make an after-50 career change is lack of experience. If you are coming into a new industry and you’re unfamiliar with its culture and standard operating procedure, it can be intimidating at first.
When you are accustomed to a particular routine or working environment, adapting to something new can be challenging.
In contrast, it’s common to hear retirees say that they want to find a new career when they leave the workforce.
The fact is, many people in their 50s and 60s make the leap into a second career or startup, but often they don’t stay long enough to reap the benefits of their hard work.
But, given a bit of time and effort, you can quickly overcome these issues.While an after-50 career change might sound like an ideal solution, there are a few essential questions to consider. Ask yourself these questions.
Will you need training or additional education for your after 50 career change?
Be sure to look at the qualifications to ensure it’s a good option for you. Find out if you’ll need specific requirements or certifications you’ll need to meet. Often these come at an additional cost, so you’ll need to factor that into your post-retirement plan. Sometimes your employer will pay for classes or certifications.
How much salary can you expect to make, and how much impact will it have on your taxes?
Remember that a second half of your life career counts as earned income. This can have an impact on your taxes. Remember, your taxable income affects your tax bracket, investments, Social Security benefits, and Medicare premiums. Depending on your situation, you may want to speak with a financial planner.
If you’re married, how will an encore career fit into plans for retirement as a couple?
You and your spouse must share mutual goals and a vision for your retirement years. Are you and your spouse in agreement about this type of move? Are you both considering pursuing the second half of your life career?
If so making an after 50 career change may be exactly right for you.You’ll want to be sure to read my article on what you need to know about changing jobs after 50.
What’s Important: Quality of Life or Making Money
Many people want to change their lives, but very few actually do it.
Our society is too focused on how much money we can make and not enough on the quality of life we can create for ourselves.
As a result, most people become stuck in the rat race of earning money to spend on things they don’t need or even want.
If you asked most people what their passion is, they would give you a list of things they “like to do” (rather than what they simply “love to do”).
The problem with this is when you start doing things you “like to do” because you want to get paid for them.
When that happens there’s no magic – your motivation becomes based on money and not the satisfaction you find in doing it.
Tips for Finding Your Passion
It’s important to discover the secrets to making an after 50 career change.
Suppose you’re unsure what your passion is.
Why not begin by looking at your web browser’s search history. Aside from news and entertainment, what articles are you reading and YouTube videos are you watching?
What is it you’re trying to learn more about? This is often an excellent way to identify your interests.
Then, why not take an online class or a course at your local college or university?
You can find classes on just about anything like: web design, painting, photography, writing, or just about any topic.
Making an After-50 Career Change
Before you quit the one you have, why not try talking to your boss. See if there are any areas where your skills can be better utilized or if your responsibilities changed.
If so, there’s no reason to quit, and it will probably save you a lot of money and heartache.
If you’re thinking about changing your career, here are a few tips for what to do.
- Ask yourself “Why Am I Making This Change”?
- Face your fear of changing jobs
- Assess your skill sets
- “Try Out” a new career by working it as a “second-job” before leaving your current employer
- Get additional training to learn new skills
- Use your transferable skills to rebrand yourself
- Update your resume
- Use social networks like LinkedIn to make connections
- Establish a time-line of when you want to transition to a new career
Make sure to read my post on 5 tips to make a successful midlife and beyond career change for even more things to think about before making a career change.
Learn More About Making an after 50 Career Change
That’s why I wrote a post on what you need to know about finding a job when you’re 50+ that’ll improve your odds of finding the job you want.
If you’re interested in making an after 50 career change or know someone interested in finding ways to work remotely and find freedom and flexibility in your life, then this program may be for you.
I developed it because I’ve been through the same challenges as many of my clients. I’m passionate about helping people find financial freedom and time for what’s important to them by making an after 50 career change.
Contact me today, and let’s talk about how you can repurpose your existing skills and rebrand yourself, so you can begin working from home and never go back to the office again.
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