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A recent report indicates what many professionals believe that finding a new career for older workers is possible. The report indicates that those over 45 of age seeking a new career successfully found one 82% of the time. This is an amazing statistic since this is not experienced by younger workers. This is a change in the demographic. In 1991, 11% of workers expected to retire after age 65, meaning 89% expected to retire before age 65. Today, 10% of workers do not expect to retire and 36% plan to retire after age 65, or 54% plan to retire before age 65. This is an adjustment from 89% to 54%!!
Here are some key facts learned from the study which might assist in your decision:
- An estimated 16 million to 29 million Americans in January 2014 had attempted a career change after age 45.
- Nearly 70% of those who said they had changed careers successfully saw their pay either stay the same (18%) or rise (50%), while 31% saw their salary fall.
- Almost nine in 10 (87%) of those who said they had changed careers successfully said they were happy or very happy with their change, and 65% said they felt less stress at work.
- Some admitted to accepting pay cuts to re-start their career and ended up with salaries equal to or higher than that in their earlier careers.
Gary Kapanowski – Lean Six Sigma Master Black Belt – Excelsior
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