Many in 40s, 50s are planning career moves
June 30, 2014 by Nanci Hellmich, USA TODAY
Many people who are approaching their last decade or two of work before retiring want to spend that time in a career with less pressure and more time to have a life.
Almost a third (29%) of pre-retirees plan to change careers in the next five years, a new survey reveals. Their top reasons for making a switch: less stress and more work-life balance, according to a survey of 1,006 people, ages 40-59, commissioned by Life Reimagined and USA TODAY.
In fact, 32% of respondents who are employed or looking for work have gone through a major career shift. The most common reason given for the change: a desire to do something different.
These folks “want to make a change, and for the first time we are seeing it’s not all about money,” says Emilio Pardo, 50, president of Life Reimagined, an organization dedicated to helping people reimagine their lives. People are looking for work that gives them better balance in their life, more flexibility and the chance to learn, he says.
It’s about doing what they are good at with people they like at a place that they love — on purpose, he says.
Many 50-year-olds have 20 to 25 years of work ahead of them, and they want another experience, he says. “They want to do something more meaningful, but they want to apply the experience they have.”
For example, Pardo says some veteran executives who are good at motivating people are now applying that skill to teaching. One professional he knows retired from the corporate world at 65 to become an EMT, and “he feels like he’s giving back and doing good.”
From a practical point of view, midlife may be a good time for a career shift. If 40- and 50-year-olds want to change careers, they should do it now, says Cash Nickerson, author of BOOMERangs: Engaging the Aging Workforce in America.
An attorney with an MBA, Nickerson, 55, has changed careers several times “to pursue more interesting challenges.” He was a corporate lawyer for 10 years, an entrepreneur for 10 years and is now president of PDS Tech, an engineering and IT staffing firm.
“The typical buzz is that it’s hard to find a job after 55, so if you want to change, you need to shift before age 55,” he says. “Many folks are looking to switch and settle in before they no longer feel welcome in the job market.”
Some people in their 50s “want off the treadmill. They don’t want to work overtime. They want to feel more in control of their life,” Nickerson says.
Repetition at work can create stress, he says. “And as we age we feel like we should be entitled to have less stress. Sometimes people want a change from showing up at the same job every day and being told what to do. They don’t want to go through the same doors for the rest of their life.”
Marci Alboher, a vice president at Encore.org and author of The Encore Career Handbook: How to Make a Living and a Difference in the Second Half of Life, says that as people settle into midlife often “the pull towards meaningful work gets stronger,” and they start thinking about their legacy. “‘Is this all there is?’ is a common sentiment, and a motivator to take on something that feels bigger than your own personal happiness,” she says.
Alboher, 48, who started her career as an attorney, is in her third career. She has gone from law to journalism to non-profit communications, and she doesn’t plan on ever retiring. “I left corporate law because I wanted to do something more in line with my values,” she says. “I left journalism because the media industry was changing, and I saw an opportunity to join a new kind of organization where my writing could have an impact.”
The Life Reimagined/USA TODAY survey shows that half of pre-retirees would quit their job tomorrow if money were not a factor. People, ages 50-59, who are closer to retirement are more likely to feel this way than those who are in their 40s.
Among the changes that midlife adults want to make in the next five to 10 years: 82% want to give back more; 80%, pursue one or more of their passions; 75%, make their lives more meaningful; 74%, travel more; 53%, pursue a new hobby; 48%, make a change to their personal life; 46%, make a change to their professional life.
Other survey findings:
- 53% are very confident they could successfully make a change in their life over the next five to 10 years;
- 39% are somewhat confident.
- 46% are very satisfied with their lives; 45% are somewhat satisfied.
- 65% expect to be more active than their parents.
- Respondents say the top contributors to a good life include being happy; being healthy and physically fit; having a good relationship with a spouse or partner; and close ties with family and friends.
