A late career change can be a good thing

This Q&A is based on questions we receive from clients, just like you. Have a question that involves a dollar sign? Share it! Our planners and subject matter experts will help answer them in upcoming issues of Inside Personal Finance. Send us your questions here.

Q:

I’m nearly 50 years old, and I was laid off from my job. My husband and I can live within our means, and last year, we even bought a tattoo parlor. He’s a good artist, and I’m the office manager. I don’t enjoy it. I’m considering going back to school for computer science, but is a new career the right decision?

A:

Because you’re living within your means, don’t be concerned about your situation from a financial planning perspective. 

Your focus should be on finding a job that you find fulfilling. Although your husband seems to be enjoying his work as a tattoo artist, you’re not thrilled about being the shop’s office manager. So, consider talking to a career coach. 

This is a common situation for boomers and Gen Xers. They often leave jobs (not always by choice) and must decide what’s next. The good news is that you have time and enough funds to devote to your next chapter. The challenge is that it’s a big world out there, and deciding what to choose can be daunting. 

You have skills, interests and curiosity, so the key is to decide how best to apply them. A career coach can help.  Use this time to explore opportunities ahead of you. Enjoy your next chapter, and we would be happy to help you along the way.

WE HOPE YOU FOUND THIS INFORMATION HELPFUL

Remember that any financial planning guidance must be adapted to your unique circumstances.  Always contact your financial planner for further help.