Make a career and life switch to extend your satisfaction mainly, and your income, if you can, advises Marci Alboher in her upcoming book.
She’s one of many voices in a chorus urging baby boomers to shift down, not out, of the workforce. It sounds like great advice – until you start peeling back the assumptions. Here are three fallacies about late-midlife career shifts and how to avoid them.
Money doesn’t really matter. Maybe it doesn’t to hedge fund managers, investors and others who have piled up a cushy nest egg that can insulate them from the economic realities of a new career. Here’s Alboher on transitioning from being a lawyer to being a journalist – which took, by the way, a decade: ”I earn only two-thirds of what I was making in my last law job. But the trade-offs are worth it.”
Ok, it’s worth it to her…because she can afford it. But most working Americans have endured eroded home equity, spells of un-or-under employment in their families, and paltry returns on their retirement funds. And, the longer they work, the more they will reap from Social Security when they finally start tapping it. So, yes, Marci, money does count.
Keep earnings consistent by shifting within your industry, not abandoning all your accumulated contacts and wisdom to pursue something completely new. Build on what you know, and it shouldn’t take you ten years to find a sweet spot where you can work for love and money.
- Taking some courses will reposition you. If you concentrate on rebuilding only technical expertise, you will likely move yourself back to square one. By midlife, employers and clients assume that you bring wisdom, people skills, and get-it-done skills that actually supersede your technical skills. Instead of getting a certification in a particular skill, become conversant in the technical milieu and concentrate on project management and business skills.
- Age discrimination is illegal and pervasive. You’re unlikely to persuade someone to overlook a number you consider irrelevant…which means that many boomers will become self-employed. Instead of concentrating on finding a new job, focus instead on doing the new job. That might mean traditional employment, but it also might mean contract work, short or long term.? If you keep landing contract work, you’re self-employed. Mission accomplished!