How To Plan For A Second Career from Fobes

1. Don't make rash moves.
 

No one moves into a second career overnight. The most successful career changers plan over at least three years. They save, add skills, apprentice, and more. Start working at age 50 on a career you might not enter until 60. That way, you can try out different possibilities.

2. Cast a wide net.
 

Look at your skill set and past experience as transferable to different challenges and fields. You’re redeploying skills you already have, not retraining for entirely new ones. Ask yourself: What am I best at? Ask friends and colleagues too.
 

3. Research.
 

Look for jobs and opportunities that leverage experience. Check out web sites like encore.org, retiredbrains.com, workforce50.com, to get a sense of where the jobs are now. Investigate fields like healthcare, eldercare and education that will need workers

4. Get financially fit.
 

Money can be a big stumbling block. A career restart may mean a pay cut (at least, initially), start-up costs, tuition, loss of medical and retirement benefits. Pay down debt, downsize your lifestyle, and build a cushion of six months for living expenses.

 
5.  Boost your credit score.
 

You may need to borrow funds to start your own business, and your score will determine whether you can borrow and at what rate. If you need to rent office space, landlords may check your score. So too might prospective employers. A good score today is 760 and up.

6. Keep your hand out of the cookie jar.
 

Don’t dip too deep into your core savings. Would-be entrepreneurs aren’t necessarily raiding retirement accounts to launch businesses, but they’re tapping home equity and other savings, and that has obvious implications for retirement security.

7. Invest in education and training.
 

Research skills or certifications required for your new career. Add those before you make the leap. Check out offerings at community colleges for retraining. Consider taking one class at a time. Find out if your current employer offers tuition reimbursement.

8. Use education tax breaks.
 

Investigate tax breaks that might be available to you. You may be able to deduct tuition and related expenses that you pay for yourself, claim a Lifetime Learning tax credit, or claim a state tax break by funding a 529 state college savings plan for yourself. 

9. Shop for a student loan or grant.
 

Low-interest Stafford loans are the main federal loan for students and currently have a fixed interest rate of 6.8%. Go to FastWeb and FinAid for details and lenders. Look for scholarships and grants available specifically for older students.
 

10. Apprentice, volunteer or moonlight.
 

Do the job first. Volunteering is a great way to network, get a foot in the door, and see what goes on behind the scenes. What might sound romantic and fun–say, running a bed and breakfast or a winery—could be less appealing when you see up close what it requires.

11. Set-up a self-employed retirement plan.

If you’re starting a business, moving to a nonprofit, or a small firm without an employee retirement plan, this is crucial. One of the biggest mistakes you can make is not planning adequately for your retirement. For more, go to IRS.gov.

 

12. Shop for health insurance.

If you’re heading off on your own, check out any industry or alumni associations you belong to for group policies. Don’t drop your current job insurance (you can continue it for a time under a law known as COBRA) until you have a new policy in place.

13. Focus on smaller companies and nonprofits.

They’re more likely to value your overall work experience. You can provide the depth of practical knowledge and versatility that’s worth two junior hires, and the learning curve is not as steep.

14. Network.
 

In this era of online resumes, contacts can still help get you in the chair for a face-to-face interview. People want to hire someone who comes with the blessing of an existing employee or colleague. Join Facebook, Twitter, LinkedIn to build a professional network.

15. Ask for help.
 

Many corporations provide career coaches to help employees who have retired or lost their jobs. Check out workshops offered by your alma mater, area colleges and government agencies. Join an industry association to find a mentor in your new field.

16. Brush up on the latest technology.

Social media platforms such as Facebook, LinkedIn, Twitter, and most recently, Google + have transformed how you job hunt. You must be comfortable with computers and basic programs, navigating the web, e-mail, and mobile technology.

 

17. Brace yourself for greenhorn blues.

When you find you’re the new kid in a field, you might miss your old job and sense of security and seniority. This requires some psychological adjustment. All of a sudden, you are making less, probably making a few mistakes. Expect it.

18. Don't ruin your hobby.

Be aware of the difference between a hobby that is an antidote to your more hectic working world and an activity that really is something you can enjoy doing round-the-clock and make a living from.
 

19. Be prepared for setbacks.

It’s not all-smooth sailing, but if you’ve laid the proper groundwork, you’ll get through the rough patches. Having your family, partner or friends at your back for support will help tremendously. They don’t have to share your dream-- just be supportive.

20. Get in Shape.
 

When you’re physically fit, you have more energy and are mentally sharper to face the challenges ahead. A new career is often an inner quest to find meaning in your life and give back. So try to get centered emotionally too.

21. Do something daily toward your goal.

Changing careers can seem overwhelming. Once you have an idea of where you want to go, get things moving by taking small steps toward that vision. What really matters is that you do a little something on a regular basis.

22.  Be realistic.

Changing careers doesn’t happen on your timetable. And nothing has to be forever. You might have several new careers from here on out. Accept that premise, and it makes the next move less daunting.

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