If you are over 40 and feel like you are "stuck" in a career field that you no longer enjoy (or never enjoyed to begin with), then realize that it is not too late to make a career change. Many people over the age of 40 have had success beginning brand-new careers that they enjoy much more than their previous ones. However, careful planning is very important when making a career change over 40, because you want to ensure that the career you begin training for is one that you will not only love, but will also help you earn an income that will allow you to meet your retirement goals.
Read on to learn three tips for making a successful career change over the age of 40.
1. Choose Your New Career Field Wisely
If you have already decided what new career field you would like to begin training for, then you should follow your dreams. However, if you would like to make a career change, yet are unsure of just what new field you would like to enter, then there are many factors to consider when making that decision. You want to avoid training for a career that is already "saturated" with more workers than needed and, instead, plan to train for a job in a field where a potential shortage of workers is predicted.
If you are still considering all of your career options, then consider entering one of the following career fields that are projected to need many more workers by the time you finish your education:
If you haven't yet chosen the new career field you want to train for, but have narrowed down your choices to a few options, then search for each of the occupations on the United States Department of Labor Bureau of Labor Statistics website; the website will inform you of whether there will be a growing need for workers in the field you would like to enter and just how fast that growth is expected.
2. Calculate Your Suspected Education Debt to Income Ratio
Like many people making career changes, you likely need to "go back to school" to obtain the education you need to enter the new field or seek higher education for the first time. You may also need to take out a few educational loans to pay for this education. While money spent on education is considered "good debt," it is important to be sure that you will not only be able to make your educational loan payments on time every month after you begin your new career, but also earn enough to continue stashing enough money away in a retirement savings account to be able to retire at an age you are happy with.
There are online educational debt to expected salary ratio calculators that can help you determine just how comfortably you will be able to live while making payments on educational loans after you begin your new career.
3. Compare Educational Costs at Several Learning Institutions
If you find the cost of repaying the loans you will need to borrow to obtain the education you need to begin a new career you will likely love may leave you struggling to "make ends meet," then make sure you don't have your heart set on attending a college or career training center that is very costly. Looking into all of your education options is an important step to keeping educational expenses as low as possible.
For example, if you have never attended college before and the career field you would like to enter requires that you earn a bachelor's degree, consider attending a local community college for the first two years of your education to save on educational expenses. Also, be sure to look into programs offered at local adult education centers that often keep their rates lower than four-year colleges to help adults train for new careers without getting into debt.
It is never too late for a career change, but if you are over 40, you must plan that change carefully. Keep these tips in mind when choosing your new career path and deciding how you will obtain the education you need to begin your new career.Share
12 July 2017
Hello, my name is Gwen Richards. Welcome. I am here to talk to you about the process used to create educational tools for preschool through college. The tools used in the classroom help increase student engagement and help these individuals find their perfect path through life. With the right tools and support, students can identify their ideal career path early in their educational journey. My site will explore the creation of educational tools from start to finish. I invite you to explore this topic in great detail to better understand its importance in the world today. Thank you for visiting my site.