The following article is provided by Univest Bank and Trust Co. For additional information about Univest’s many services, please visit the web site at www.univest.net.
Is a Mid-Life Career Change a Retirement Killer?
By: Dave Geibel, SVP and Managing Director, Univest Wealth Management
When it comes to making a change, it is important to consider the risks and rewards that accompany that switch. So, when considering a mid-life career change, what’s at stake? Could it kill your retirement?
Nobody wants to be stuck in a career that doesn’t fulfil them or makes them unhappy. However, if you are close to retirement, the decision to make a switch so late in the game could be intimidating. There are two common trains of thought: stick it out, stay on track and remain miserable, or make a change and risk delaying the start of your golden years.
However, at Univest Wealth Management, we don’t see things so black-and-white. If you're contemplating making a career change later in life and questioning if it will be worth it, here are a few tips to consider so that your financial plans remain on track.
Re-think how you view ‘work.’ There’s the old saying, “Work to live, don’t live to work.” If you recalibrate how you view work, you may recognize that a mid-life career change could be a game changer in your everyday life and retirement. A healthy mind is just as, if not more important, than a healthy wallet heading into your golden years.
Know a salary reduction does not have to kill your retirement.In fact, it could enhance it! If you decide to switch careers to improve your mental health and lifestyle despite a lower salary, you could be preventing burnout. If you truly enjoy the work you are doing, you may be content working longer than in a higher paying job that doesn’t provide as much fulfillment. Many people find that retirement leaves them missing structure and being a part of something, by finding a job you love you may fill that void by choosing to work into your retirement years.
Remember, you’ve prepared for this. If you've worked hard and spent time creating a financial plan for your future, a mid-life career change doesn't mean you're starting over, it just means you're investing more into yourself and the lifestyle you aim to achieve.All of your hard work and planning has set you up to approach life’s speed bumps with confidence. Trust your financial plan, you are not starting over, but simply redirecting.
The financial advisors at Univest Wealth Management can help you navigate through all of life’s stages and changes including guiding you to help ensure a career switch is financially responsible and that your retirement is secure. Contact us at 877-723-5571 to have a conversation about the plan for your financial future.
Univest uses the marketing name Univest Wealth Management to provide (1) investment and wealth management, fiduciary services and trust services through its subsidiary Univest Bank and Trust Co., (2) specific fiduciary and investment advisory services through Girard Partners, Ltd., (3) securities products, insurance products and brokerage services through Univest Investments, Inc., a registered broker-dealer and member of FINRAand SIPC, and (4) investment management and related products and services to Pennsylvania municipal entities through TCG Advisory, Inc. Investment products and services are not FDIC insured, and are not a deposit of Univest Bank and Trust Co. or bank guaranteed, and are subject to risks, including possible loss of any principal amount invested.