10 Smart Career Pivots For Your 50s & Beyond & 10 You Might Regret
It's Never Too Late
By the time you reach your 50s, you've acquired decades of skills, wisdom, and resilience. It's not uncommon at this age to start asking yourself, "What's next?" You start to feel restless in your career, crave purpose, flexibility, or a fresh start: things a career pivot may address, but at what risk? To help you make your next move with confidence and clarity, here are 10 smart career pivots for your 50s and beyond, and 10 that too often lead to regret.
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1. Become A Consultant Or Coach
Guiding others with your decades of experience can add a lot of satisfaction to your life. Whether it’s business strategy, leadership, or career coaching, your expertise is a huge asset.
2. Branch Out On Your Own
According to statistics, twice the number of successful entrepreneurs are over 50 as under 25, and the average age for a successful businessperson is 45.
3. Upskill
The old adage "you can't teach an old dog new tricks" is a load of baloney. Constant learning and growth will help you stay current, move up in your career, and reduce stagnation.
4. Engage In Side Projects
A great way to deal with a midlife slump is to get more involved in side projects. For example, taking on volunteer work that leverages your career skills and expertise, like being a mentor or a manager, can boost your resume and give you a taste of where a career pivot could take you.
5. Start Lecturing
Being a professor or guest lecturer at your local university can add a lot of meaning and purpose to your life. Your decades of experience can add a lot of richness to the education of young people.
6. Start Writing
Another way to bestow your knowledge onto others is through writing, whether it's a blog or an ebook. If what you write is popular, it might end up being the career move you didn't expect to make.
7. Get Into Management
If you're someone who's been working in a specific field for several years, that's a lot of experience you have under your belt. In your 50s and beyond is the perfect time to transition into leadership roles like being a project manager, if you haven't already done so.
8. Buy Into A Franchise
If you've always dreamed of being a restaurateur but don't want to take a big risk, buying into a franchise might be the perfect career move for you. It can be a lot like running our own business, but there's a lot more stability in an already existing and successful franchise than in your own enterprise.
9. Freelance
Freelancing, whether it's monetizing a hobby or consulting on the side, is a great way to make some extra income. It allows you to diversify your skill set and keep yourself engaged and fulfilled. Who knows, maybe your freelance gig will turn into your full-time job if you make enough money from it.
10. Work For An NGO
Corporate jobs can feel like they're sucking the soul out of you. Transitioning to working for a non-profit or charity with causes you believe in can be a lot more satisfying.
Now that we've discussed the smartest career moves you can make for your 50s and beyond, let's talk about the ones you might regret.
1. Starting A Restaurant
A lot of people dream of opening a restaurant or other eatery, especially people who are passionate about cooking. However, this is a high-risk endeavor with thin profit margins, high initial investment, and tons of competition.
2. Joining A Startup
Leaving your corporate job for a small startup is an attractive prospect to many. However, keep in mind that two out of 10 new businesses fail in the first year of operations.
3. Quitting Your Full-Time Job Prematurely
There can be so many reasons for quitting your 9 to 5 job, and no one wants to be stuck in a dead-end loop that they hate. However, patience is a virtue, and quitting your job before you've thought things through fully can turn into your most regretted decision.
4. Retiring Too Early
Planning for retirement can feel like mental gymnastics. You're not sure how much you'll spend or how many years you're saving for, but like anyone, you're anxious to stop working and reclaim your life. However, you should err on the side of caution when it comes to retiring, as retiring too early can lead to financial stress.
5. Switching To A Physically Demanding Role
Maybe you've wanted to be a chef or carpenter ever since you were young, but keep in mind you're not in your 20s anymore. Suddenly switching to a physically demanding role can put a lot of strain on your body, and you might not enjoy what was once your passion in the same way anymore.
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6. Buying Into A Turnkey Franchise
Buying into a franchise can be a great, profitable, and rewarding move, but it all depends on which one you choose. Investing in a "turnkey" franchise without doing adequate research might result in financial ruin or in you being micromanaged even worse than in your 9 to 5 job.
7. Becoming A Full-Time Influencer or YouTuber
While getting to be creative and being your own boss can be highly rewarding, especially if you see others engaging with your content, the competition is fierce, and income is unpredictable. Building a dedicated fanbase takes years, so even if you have early success with a few videos, don't give up and quit your day job just yet.
8. Going Back To School
While constant learning is an excellent way to stay sharp and advance in your career, going back to university as a middle-aged adult can feel isolating. What's more, taking on student debt later in life rarely pays off financially, unless that degree directly leads to a higher-paying role. Online certificates or boot camps are likely going to be more useful for you at this point in your life.
9. Gliding Towards Retirement
One of the biggest mistakes you can make is deciding to stay in a role that's unfulfilling and just waiting for retirement. You only live once and this is a huge waste of time. While you don't want to prematurely jump to a different career, settling for something you dislike will only make you unhappy.
10. Moving Into The Arts Full-Time
Even if you're a brilliant artist, it can be extremely difficult to make a living from this, especially if you haven't built a portfolio or audience yet. Start part-time and scale before stressing yourself out by trying to turn your passion into your main source of income.
