The World is Still Your Oyster: Late-Life Career Changes

Remember when you were a kid and everyone would always ask the time-old question, “what do you want to be when you grow up?” Maybe you used to stand on the kitchen countertop, strumming your air guitar, and envision your future as a famous rock star. Maybe you would spin around your living room and imagine yourself as a professional ballet dancer. Maybe you wanted to be an astronaut. A doctor? An artist? A dog-walker? The opportunities were endless. The world was your oyster. Well, you need to remind yourself as you get older: the world is still your oyster.

Trends have shown that more people are choosing to work later in life. With the average age of retirement increasing, people age 50 still may have up to 30 years in the workforce. This decision to work longer could be due to financial reasons, but it also could be because you simply enjoy the routine of work.  Whatever the motivation may be, it is important to channel your five-year-old self that is filled with hope and possibility, and reflect on your satisfaction level with your professional life. Instead of punching-the-clock until it is time to retire, maybe it’s time to consider a career change.
 

Here are some things to think about when contemplating switching professions later in life:
 

Determine what you want. Ask yourself:  What is the core reason motivating you to switch careers?

People change careers later in life for many reasons –to reduce stress, pursue a passion project, change the pace of their life, or to learn something new. Determining the core reason for switching careers is fundamental in shaping the next step.  If it is the pace of your job that is bringing you unhappiness, consider a different industry. If you are tired of working for someone, consider making yourself the boss and pursue entrepreneurial activities. If your current job doesn’t align with one of your core passions, consider making the switch into an industry you feel passionately about. For example, if you have always loved learning about space, but being an astronaut is out of the question, you could apply for a job at a space observatory in your area. If the rock star life seems too tiresome but you still love playing guitar, you could pursue a new career as a guitar teacher. There are countless ways that you can find a new career doing something you love. Determining what you want from the next decade or so of your professional life requires a high level of personal reflection, and will allow you to properly assess what your next move should be.

 
Identify your current skills. Reflect on the various jobs you’ve had throughout your life and what those positions taught you. Make a list of the valuable skills that you have and begin to think of how you can apply them in different ways. Many general skills, such as effective time management or leadership abilities, are transferrable across jobs and industries and are highly sought after by employers. By determining your strengths, you can present yourself to prospective employers and reinstate a strong sense of confidence in yourself.
 

It’s not too late to learn a new skill.  No matter how fascinating a job seems on paper, it is inevitable that years of the same routine will eventually breed boredom. Studies have shown that learning novel skills is positively correlated with life and job satisfaction; making redundancy a common reason why people change their careers. There are countless opportunities available to you that help you learn new skills. Professional programs, graduate schools, community colleges, and online courses are just a few of the many ways that you can continue to acquire new skills and knowledge.
 

Use your network. With countless years in the workforce, you likely have a strong network of professional and personal contacts that may be able to help. Reach out to people in your network for advice about the industry you are considering entering and potential job opportunities.
 

Wait for the right time, financially. One major consideration when considering changing careers is financial security.  It is important to do your best to enter this new transitionary period of your life in a strong financial standing. When making the switch, you need to be prepared for your income to drop and have strategies of how to offset this dip in income.

In regards to the timing of your career change, ensure you don’t have any additional temporary expenses; for example - a purchase of a new car or an expensive vacation, that puts additional strain on your finances.

Paying down high-interest debt is also a smart move. Some common forms of high interest debt include credit card debt, payday loans, or car loans. If you are not in a financial position to pay down high-interest debt, consider seeking out a low-interest loan from your bank. This can transform your high-interest debt into a low-interest debt, saving you from spending additional money on interest.

Cutting down on non-essential spending is a simple and effective way to lighten the financial burden.

Further, it is advised that you have a fully loaded emergency fund, as it can take longer than expected to work into your new career. Rather than the normal three to six months of necessary expenses (i.e. mortgage, rent, utilities, food, etc.) stored away in this fund, it is suggested to have a year’s worth saved when planning a career transition. This just gives you a little bit of financial cushioning in the event something doesn’t go as planned.


It’s time we go back to that time-old question again: “what do you want to do when you grow up?” If you don’t feel fulfilled or motivated by your current career and you are in a stable financial situation, a career switch may be the right option for you. It may seem like less of a hassle to stay at your current job and ride it out until the end, but why would you spend the golden years of your life doing something that makes you unhappy?