Career Transition Tips

Changing careers can feel a bit intimidating at any age. That's especially true when
you're considering making a major transition late in life. Then again, recent trends
suggest that your chances for success may be greater than you think.

A survey by the American Institute for Economic Research found that more than
80% of respondents said they were able to launch a new career after age 45. Even
when they had to take an initial pay cut, most of them were able to increase their
income over time.

What does that mean for you? Sticking it out until retirement doesn't have to be your
only option when you can do something you love, even if it means making less money
temporarily. Plus, with retirement ages increasing, you might be able to benefit from
your new career for many more years to come.

Whether you're a mature adult who wants to pursue your passions, reduce stress, or
just enjoy a change of pace, an encore career might be just what you need.
Consider these strategies for preparing for the next stage in your professional life:

Prepare Financially

1. Cut expenses. Most career changes mean a smaller paycheck initially. You'll
   feel less pressured if you trim your budget now by eating out less or selling a
   second car.
2. Pay off debts. For more peace of mind, work towards becoming debt-free. Pay
   off your most expensive debts first and stop credit card spending as much as
   possible.
3. Consider moving. Relocating to a less expensive area can have a big impact on
   your budget. Browse online for destinations that match your lifestyle.
4. Share housing. Housing is the biggest expense for most adults. Maybe you can
   rent a room in your home or share an apartment with a friend.
5. Delay retirement. If you can delay claiming Social Security, you'll be entitled to
   bigger checks. Your monthly benefits increase for each year you continue
   working between ages 62 and 70.
6. Be flexible. Full-time jobs aren't the only way to work. Consider working
   part-time or consulting.

Prepare Professionally

1. Research your opportunities. Teachers, registered nurses, and home health
   aides are among the fastest growing occupations for older workers, according
   to a recent report by MetLife Foundation. Visit your local library or browse
   online to find out more about opportunities that interest you.
2. Increase your skills. See what qualifications you'll need. You may want to take
   evening classes to complete an additional degree or certification.
3. Strengthen your network. It's important to keep networking even when you
   have a job. If you're feeling rusty, start attending more networking events or
   invite a former colleague out for lunch.
4. Use social media. LinkedIn and other platforms make it easier than ever to
   research the job market and connect with others. Update your profiles to
   reflect your new ambitions. Share information and participate in relevant
   discussions.
5. Build support. Starting over in a new field will require time and effort. Ask your
   family and friends for the encouragement and assistance that you need. Team
   up with another mature professional who's going through a similar transition or
   start a Meetup Group.
6. Gain visibility. As you're trying to rebrand yourself, publishing and public
   speaking will help you to gain attention. Start your own website or contact
   other sites to ask if you can become a contributor. Once you have some
   experience, design an online workshop or give a talk at a local community
   center.

If you've been dreaming about taking your career in a different direction, start
preparing now. You may find that the later stages of your professional life will be the
most rewarding.