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3 Practical Financial Tips If You’re Making a Midlife Career Change

finance planningI have written a lot about theĀ  strategies, mindset and process of changing your career’s course.

But what about some of the more practical things you have to deal with during a career change? Things like your 401k, health insurance, retirement planning, etc.?

These may not be career-strategy-focused things to provide counsel on, but they can’t be ignored. These are very real things one has to deal with when making a midlife career change. From my experience, these are some of the practical questions about a change that stress people out the most – because it impacts their finances.

I want to share an article with you I recently read that deals with this very issue in a very simple, real, helpful way. Christy Bieber’s article, 3 Keys To a Successful Midlife Career Change, spotlights three actions you can take to make sure you limit financial risk during your change. Here’s a quick snapshot of what she writes about:

  1. Take care of your retirement. Bieber encourages you to not only fully understand how your investments will be handled moving forward at a new job, but gives insight into protecting what you’ve already earned.
  2. Explore healthcare options before leaving your current job. Bieber breaks down what you need to know about the ACA and COBRA.
  3. Don’t take a pay cut if you can’t afford it. Bieber not only warns of the consequences of not planning accurately for a salary cut, but also gives advice on how you can compensate for it.

I encourage you to read the entire article for more insight into this topic, and share your learning and experiences with me!