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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
The following blog is the opinion of Gary Kapanowski and Garykapanowski.com. It is the sole intent to broadcast this opinion from Gary Kapanowski and Garykapanowski.com exclusively and not to reflect on any other institutions or organizations associated with Gary Kapanowski or Garykapanowski.com.