What you should know about changing careers at 40

By age 40, you've been in your career for nearly two decades, and you may have made progress toward advancement. But not everyone likes their job. Others reach a limit and are unable to advance their careers any further.

What can you do? Maybe you're worried it's too late to change careers. Even if it sounds trite: it is never too late. But that doesn't mean your transition will be easy or that you can make it without much effort. Change is difficult, even if you prepare well for it.

Key findings:

• Changing careers at age 40 can allow you to leverage your years of experience and still find a new career in time to spend decades in that position.
• But changing careers at 40 can also bring challenges, especially if you have younger children at home or other financial obligations.
• When choosing a new career, try to find transferable skills that will help you use your existing skills in a new position.

Advantages and disadvantages of changing careers at 40

Here are the main pros and cons of changing careers at 40:

The good:

• Greater self-confidence at this age can make it easier for you to transition.
• Even if you need to retrain for a new job, you still have 25 years to work in that job before you reach retirement age.
• A good career change can have a positive impact on your health and relationships.
• You can convert your current experience into transferable skills

The challenge:

• Dealing with the change if you have younger children at home.
• Continue to earn enough money to cover the mortgage and higher annual expenses.
• You may need to take time off from your current job to prepare for a new career.
• Conversely, you may need to continue working full-time while you prepare for a new career.

What's good about making a career change at 40?

Many people report that they have more self-confidence in their 40s. What better time to make a career change than when you feel like you can handle whatever comes your way?

If you, like many people, want to retire at 65, you still have 25 years of work ahead of you. Even if it takes you a few years to prepare for a different career, you still have more than two decades in which to have a satisfying career if everything goes according to plan. And if financial constraints require you to work until you're over 65, you'll be grateful that you're doing something you enjoy.

Changing careers will impact your life, your health, and your relationships. Not only is it stressful to work in the wrong job, but deciding whether to make the switch can be overwhelming. Once you figure out what you want to do, you'll probably feel very relieved.
What makes changing careers at 40 so difficult?

Forty-somethings have many responsibilities that could make this transition more difficult than changing careers in their 30s would have been. By age 40, you are more likely to have children for whom you are financially responsible. Maybe you bought a home in the last few years and have a mortgage to pay off.

How to make the switch

Don't be discouraged by the difficulties associated with a midlife career change. If you decide to make such a change, try to find a path that is compatible with your current life situation. It may take a little longer than if you were ten years younger, but if you do it right it will probably be worth it. Since it is a tedious undertaking, it is very important that you give a lot of thought to choosing a new career.

A self-assessment, your first step in the career planning process, gives you insight into your interests, personality type, skills and career-related values.

What you discover at age 40 may be very different than what you would have discovered if you had taken this test when you were younger. So if you remember taking a "career test" in middle school or college, you don't need to look for your results. Do it again. Once you have completed this step, you will end up with a list of suitable options.

Take time to explore the careers on your list and even consider pursuing an adult internship.

Your self-assessment may indicate that a career is a good fit for you based on your characteristics, but at age 40 you have other things to consider. Your financial obligations may not allow you to spend a lot of money on training. If you have a family to support, you may not be able or willing to spend much time studying.

Speaking of preparation, since you still have about 25 years of your career left, you may not want to wait several years before you can work in your new career. If you want to move into a new career relatively quickly, you should look for a job that doesn't require a lot of additional preparation or training.

Use your previous work

One of the best things about working for so many years is that you have a ton of experience. You may be thinking, "What use will my experience be if I switch to a new career?" Two words: transferable skills. These are talents and skills that you have acquired in a particular job and that you can use in another job. In some careers, you can even replace your transferable skills with formal training.

When deciding between a career that requires additional training and one that allows you to use your transferable skills, you may choose the latter. This allows you to make the transition faster and with less effort, at an age when you may want to spend little time, energy, or money. That doesn't mean you shouldn't choose a career that requires formal preparation, but it's good to have options.

Gather career information

Find out not only about the training requirements, but also about the tasks, the economic prospects for your chosen profession and the average earnings. This and other information can be found on the Bureau of Labor Statistics website.

Once you've collected all the data, evaluate it to decide which careers are best suited. Compare work tasks to decide which you like and which you don't. If there are tasks you can't imagine doing - remember, you don't have to love every task, but you have to be willing to do them - cross the job off your list.

Make sure the job's salary covers your expenses, that you can contribute to savings, and that you can do things you enjoy, such as traveling. You also need to consider job prospects because if your options for finding a job are limited, other employment may be a better choice.

What is the best job at age 40?

There is no one job that is best for people over 40. Every person has different financial needs, work preferences and other personal factors. You need to consider their situation to determine which job is best suited.

How do I find a new career path at the age of 40?

The best way to find a new career at age 40 is to consider what skills from your current job are transferable to another field. These transferable skills will help you get your foot in the door of a new career and could potentially make up for your lack of direct experience compared to other professionals your age.