Career Change Advice: Does it pay to be bold?
Career change in your 40s and 50s may require bold moves but how much caution can you throw to the wind?
How big a change should you make?
Maybe you dream of a big change. Something completely different that would make you feel alive and excited again.
But then all the doubts come in…
Will I be able to pay the bills?
Am I too old?
Is it a completely stupid idea to think I can build a new career midlife?
Am I just being selfish and ignoring the needs of the rest of the family?
What if I make a change and I am still unhappy …… but significantly poorer?
An Indeed.com survey found that 58% of people who made a career change were over age 40. Many are going for it, but how can you make sure it ends well for you?
Career change advice: the changing midlife landscape
Layoffs, automation, burnout, and age discrimination have reshaped the mid-career landscape. It is no longer an option to coast through your 50s at work. And the costs of trying to keep up and staying motivated can be high, especially in terms of mental health and life satisfaction.
But the idea of midlife career change is often met with scepticism from society.
We are told that changing our careers after 40 is dangerous and irresponsible. People we know seem to be laughing at us for our childish and silly dreams.
The narratives at play are outdated, but they are surprisingly subtle and powerful.
For example, there is the narrative that midlife is a time for stability and not change. Making a change would be “throwing away” everything we have worked hard to build. People say we are “starting over” or “reinventing ourselves” - all implying the concepts of loss and bad news, rather than the idea of growth and improvement.
There is also the idea that older people are less adaptable and capable of making bigger life changes.
There is pressure to be building wealth in our 40s and 50s, rather than embarking on risky adventures.
Lastly, “What will people say behind our backs?” We may not like to admit it, but this can be the biggest barrier - we do care about what others think. We worry that if we change careers, people will think we have failed.
The evidence and what it means: Midlife career change advice
What evidence is there about people who have changed careers midlife? This paints a different picture.
Most midlife career changers report high levels of success and satisfaction - even if financial compromises, at least initially, can be a reality of the making change.
The American Institute for Economic Research (AIER) found that 82 % of individuals who attempted a career change after 45 were successful.
A survey by Indeed found 88% of career changers were happier afterwards.
A 2024 Forbes article summarises new research from the OECD, which “strongly suggests that change is good for you – across multiple dimensions: your work, wealth and wellness”. It quotes Shruti Singh, an OECD Senior Economist, as saying: “Workers who changed jobs mid-career are significantly more likely to be employed at age 60”.
Bold by necessity: When playing it safe no longer works
So what does this all mean? Should I take a bold or a cautious approach to changing careers?
The first thing we need to do is reconsider what it means to be bold.
Being bold doesn’t mean we are being irresponsible or risky.
The reality is that people are not bold in our 40s and 50s because they want to be. They are bold because not making a change is the bigger risk.
Secondly, a midlife career change does not have to be seen as a “midlife crisis” or an “act of desperation”.
Instead, we should think of midlife career changes as a “strategic realignment”.
Midlife career changes are a move to get our lives back into balance.
Career Change Advice: How much change is right for me?
How can we decide what level of change is right for us? How big a change is right for us?
A good start is to get a better handle on the reality of our situation.
How sustainable is the current situation?
What would it be like if I continued as things are for another five years? How would I be feeling? Would it be bearable?
What’s not working about the current situation? How clear am I on why this is?
For example, is the issue boredom, lack of meaning and purpose, or lack of motivation?
Do I have a choice except to make a change?
What’s the cost of not making a change?
What does my “ideal” future look like?
What might I be doing? How would I be different as a person in this situation? How would my lifestyle be different?
How much of my thinking is driven by fear and unhelpful beliefs that are holding me back? Or by lack of confidence or procrastination?
And how much are my options limited by the cold, hard realities of life? For example, the time it would take to acquire new experience and knowledge. The challenges of securing a job in a new profession. The financial pressures that could result.
My advice: Be bold in assessing what you need and want
It is certainly challenging to make a big career change midlife, and it will take time and effort.
But it is possible, and many have made the transition successfully and not looked back.
It is about creating clarity about what we want from this next stage of our lives.
If we could take a step back and view ourselves and our situation from the outside, what advice would we give ourselves?
Would we tell ourselves to be bold or cautious?
So does it pay to be bold?
It certainly pays to be bold in digging deep into what we want and what will make us fulfilled.
As a minimum, we owe that to ourselves.
Would you like support to understand the best way forward?
Then let’s have a chat.
Book your free Discovery Call here….
https://cal.com/timstorriecoaching-gmail.com/schedule-an-initial-consultation
Author: Tim Storrie
-------------- About the Author: Tim Storrie
I'm an ICF-accredited career coach with an Oxbridge education, an MBA and a corporate background.
Drawing from my own mid-life experience of burnout and transition to a more fulfilling career - I help men over 40 with symptoms of burnout, and who are feeling lost and frustrated, to find a career that excites them by gaining clarity.
My coaching approach is both nurturing and challenging, and combines a structured, exercise-based approach with a focus on getting to the underlying heart of the matter.
Would you like to understand how career coaching can help you get clarity on a more fulfilling future?
Book a free discovery call at:
https://cal.com/timstorriecoaching-gmail.com/schedule-an-initial-consultation