Is it crazy to even think about changing career....?

Question

I'm nearing 60 and have been in my current career for 18 years (insurance and financial services). Frankly, I'm bored.

I have a number of things that I would love to do, but my overdeveloped sense of responsibility says that it would be foolish and financially disastrous.

Any thoughts on what I should do, who I should talk to, agencies, "life coach", ways to evaluate whether one path would be better than another? Have you done anything like this and succeeded? If you have, how did you pull it off? How would you advise others in this situation?

NOTE: I have a sterling credit rating, but have only saved about $50,000 in a retirement account. I have a low-interest mortgage of about $200,000 on a home valued at around $800,000. Married, children are married and financially independent. Wife is chronically ill but stable and reasonably active. I am bi-lingual English Spanish.

Answer 1

I changed careers at 40, I could not stand being an accountant one more minute, it was not rewarding for me, I dreaded having to go to work. I chose nursing which is something i always wanted to do. You might try an internet business for awhile and see if it is profitable and you can sustain yourself and your wife while you continue to work at your old job. This might give you a clue and an alternative source of income.

Answer 2

It's not crazy at all. You seem to be in a good position to change careers at this time. Like I always say, 'you'll never be any younger than you are right now'. Being bi-lingual will be a big plus for you.

There are seminars at our local community college for those wanting to start a business, if this is the path you are thinking about. They also have sessions where you go and find which career would be best for you personally.There may also be help in your local area, for seniors who are starting new careers, check into this. Speak to an accountant about your finances and any help you'd need in your venture. Best of luck in whatever you decide to do.

Answer 3

With the housing market the way it is these days, if you needed to sell it you may not like what price you may have to sell it at. Anything over $300,000 is having a terrible time getting sold and under $300,000 is not that much better.
You can't collect SS yet, and you will also lose any medical, unless you self-insure. Your wife may need extensive coverage down the road, do you have the funds to pay for it.
Job market for 60 plus is not that great, they want younger people and will pay them less money. Are you willing to take a pay cut ? I'm not saying that it can't be done, but I would think of all the possibilities available to you with the economy
ready to take a nose dive. How long can you live on $50,000 and what if you can't sell your house. You did not say what other debt you have,(and it's not my business) but how will you pay those bills Best of luck to you.

Answer 4

Just before I turned 50, I entertained the thought of returning to college for a mechanical engineering degree. I thought this is something I would enjoy, and hopefully be good at it. But, I "did the math" as they say. If I was to retire at 65, I calculated the costs. I would have to change jobs to allow me to go back to school (loss of income). Then there is the cost of school. If I was paid more for my degree, the best I could hope for would be to break even. So I decided not to go.

Do I regret this decision? No. I regret not returning to college in my thirties when my family and I would have benefited from this more.

At age 60, I would suggest to weigh the costs. You don't want to lose your donkey and go into retirement with a goose egg. Try to play around in other fields part time. You can continue your security while enjoying other challenges. Also, if you are bored, pick up a challenging hobby. I am 52 and I work with the Boy Scouts of America. Next year, our schedule includes white water rafting, caving in a non-guided cave, two backpacking trips, and winter camping. I considering a solo winter backpacking trip at the first of the year. Things like this keep the boredom manageable at work.

Answer 5

May I make a suggestion?

You are bi-lingual, have you ever thought of going to school at night, taking a degree in Spanish and then taking the test to become a Court Interpreter? This is a great thought for someone of your intellect. And, the pay is usually above that of most other Interpreter's.

The only bit of advice I can give you is, make sure that you can support all of the things that you need to support before you quit your job. This is imperative for your well being.

I have changed careers and am self-employed. It is the most freeing thing I could have done for myself and quite lucrative.

Good Luck in your search. I'll pray for your decision.

Answer 6

I'm only 42 but If I may put in my two cents,
try a small outside business that your interested in that doesn't interfere with your present income.Give it a try once you've found it and if you like it,then go from there.Since you are bi-lingual I would recommend starting there,use the talents you have and exploit them for fun and profit.Ive never changed careers that much but I did lose the privilege for a year(I drive a Truck) and man it was hard to get back in the field after my Faux pau,It hurts when you cut your income,thats why I say try it on an outside project

Answer 7

Hey, if you are bi-lingual, you might be able to get a job as an interpreter. That should be interesting enough. I guess it pays pretty good as well. I think you should try anything new if you need stimulation in your work. I've been everything in my life. Vet assistant, Professional cake decorator, Lab Tech, cleaning lady, counter clerk, Professional clown, dump truck driver, etc. I just get bored and train for something new. I am a happy camper because I don't let my life get dull!!!! I'm 66...

Answer 8

So you're feeling restless?
Unfulfulled in your present work? You know everything
there is to know about your
job, so what's left?
I will give you my own personal feeling that you can
brush off if you want.
it is my concerted opinion
that each and every person
on earth was born to do
something special. Maybe
not for mankind, maybe just
for them.
I once was at a doctor's visit
when I asked the Dr. what was wrong? He poured out
his guts to me and his story
was almost the same as yours. After all the education,
training,work,he felt so unfulfilled. So I told him. Doc
go somewhere alone and spend 3 days talking to yourself and whoever you call your god. Find out what it is
in your heart to do and DO IT.
Shall I tell you the rest?
He quit his job, bought a
ranch in Wyoming moved the
family lock/stock/and barrel...
and is still there.

Answer 9

A friend of mine started a travel agency out of her home. It is amazing how many people don't want to search the internet for the best prices on the trips or cruises they want.Plus, alot of people don't like handing their credit card out online.She made up business cards plus has put a small ad in the paper. The last time I talked to her, she said she was doing better than she ever imagined.I am 56, and I am trying to downsize, so I sell alot my my personal stuff on Ebay. It is a decent income also.

Answer 10

I got my degree and teaching credential in my late 40's. It's nice to have the feeling that I might make a difference in some child's life.
Go to a career counseling seminar at your local community. Perhaps that will help you find the direction you're looking for. Good luck. You sound like you'll succeed at most anything.