Making big career changes closer to retirement
Written by Glen James
Host of the Retire Right & money money money (formerly my millennial money) podcasts & author of The Quick-Start Guide to Investing.
Question for you: do you think you could do your current job right up until the day you retire? Why or why not?
It’s an important question to ask as the closer to retirement you get your goals and the lifestyle you want may change. You might have had enough of a high pressure, 70-hour a week job and be ready to calm things down a bit, understandable! We asked our community whether anyone has made a major career change in the last 10-15 years of their working life and the proof was there—many people have. But it’s come after some significant thought and processing. Here are the steps I recommend if you’re considering a career change:
#1 start with self-reflection
Before jumping into a career change, take a breather and think about what you really want from the next decade. Is it more flexibility? Less stress? Something totally new and exciting? List out your priorities, because there’s no point moving if it doesn’t get you closer to the lifestyle you want. It’s like planning a holiday—you want to know where you're going before booking anything!
#2 upskill smartly
If you’re switching fields, you might need to pick up new skills. But don’t go back to full-time study unless it’s 100% necessary. Look at short courses, online programs, or industry certifications that can get you job-ready without breaking the bank or burning too much time. Quick and targeted learning can make the transition smoother and faster!
#3 network like a pro
In your last decade of working, relationships matter more than ever. Reach out to old colleagues, join industry groups, or even start attending events in your desired field. A strong network can open doors to roles you hadn’t even considered. And let’s be honest, a casual catch-up coffee can sometimes work better than a formal job application!
#4 test the waters before diving in
If you're not sure about a full switch, try to ease into it. Maybe start part-time or take on a consulting gig in your new field while still working your current job. It’s like trying on new shoes—make sure they fit before you wear them every day! Plus, it’s a good way to figure out if the lifestyle change is really what you want.
I wrote a book about careers a few years back with Shelley Johnson who hosts our work-related podcast, this is work. It's called Sort Your Career Out & Make More Money, and as much as career books are pitched to younger professionals, this book is applicable to anyone at any stage of their career, including you. Whether your values have shifted or you’re facing a major career crisis, this book is a very helpful workbook.
Writing the book was also a great chance for me to reflect on my own working life—my first ‘real’ job was a trade in telecommunications! That’s where I started. Where did you start? Where are you now? Where do you want to be in these last years of your working life? You don’t have to endure an awful job in order to properly enjoy retirement, you can change your career in the here and now. Build it into something you enjoy and that aligns with your strengths!
Community question
Community member asks: I'm 62 and ready to retire. According to the calculators, I have enough money for a modest to comfortable retirement, but I just have no idea what I'll do with my time. I love to walk, but due to an injury, I can't do long walks. I have some retired friends, but not enough to fill heaps of time. I have a mentally stimulating job and wonder where I’ll get that stimulation once I retire. I don't want to leave work just to fill my time with another job. Anyone else unsure how they'll fill their time in retirement?
Glen: this is a really common and valid concern! First, well done on being financially prepared for retirement—that’s no small feat. But you're right, having the money sorted is only part of it. Finding purpose and keeping mentally stimulated is just as important. If you're retiring without a plan for how you'll spend your days, it can be tough.
Now, since you’ve had a stimulating job, that need for mental engagement won’t disappear just because you stop working. My suggestion? Don’t jump straight into full retirement if you can help it. Think about gradually reducing your work hours—maybe dropping to two or three days a week—while you explore what might fill your time. This gives you a softer transition and keeps some structure in place while you experiment with new hobbies or interests.
And here's a thought: remember when you were a teen or in your 20s? What did you love to do? Maybe it’s time to revisit some of those passions or hobbies you used to enjoy. It could be anything—gardening, learning an instrument, remote control cars (seriously, I’m about to get into those myself!). Or, consider starting something entirely new, like studying a subject you’ve always been curious about. You don’t have to do a degree for a career—do it just because you want to!
You’re in the prime of your ‘lifestyle years,’ not the traditional retirement years where you just kick back and do nothing. You’ve got so much potential for new adventures, even if it’s not the long walks you once loved. Group travel, community volunteering, or even joining boards can be stimulating and purposeful.
The key is to start experimenting now. Test out different things, build a new routine, and don’t be afraid to make changes as you go. You’ve got the time, and you’ve earned the flexibility to design a retirement that’s truly fulfilling for you!
