I have written a lot about the 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:
- 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.
- Explore healthcare options before leaving your current job. Bieber breaks down what you need to know about the ACA and COBRA.
- 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!