Is it time to make a midlife career change?
You can’t take the hours. Your work no longer feels meaningful. Or you got shoved out in a recent downsizing.
Whatever your motivations for making a midlife career change, you’re in good company.
Nearly 60 percent of American workers say they would choose a different career if given the chance to begin anew, according to a 2012 survey from Yahoo Finance and Parade Magazine.
But starting from scratch in your late 30s, 40s or 50s is a far more risky proposition than for those who are fresh out of the frat house.
“I’m almost glad I didn’t know how hard it would be on me and my family, or I might have talked myself out of it,” says Ron Trenouth, a former actor who was working at a New York architecture firm when he decided to go back to school part time for his Master of Business Administration degree at age 42.
Indeed, a midlife career change requires both resources and thoughtful introspection.
Before you give up your current career, you’ll need to assess the advantages and disadvantages and test-drive your budget to determine whether your savings are sufficient to support your lifestyle during the transition, says Cathy Goodwin, a Philadelphia-based career coach and founder of MidlifeCareerStrategy.com.
All text by Shelly K. Schwartz, Bankrate.com contributor