Since the start of the Covid-19 pandemic, it’s been a rollercoaster ride for Americans. Even if you weren’t one of the approximately 9.6 million people who lost their jobs in the first three quarters of 2020,1 perhaps you faced the sudden challenge of setting up an office at the kitchen table, or the extreme stress and fatigue of working on the front lines. If this tumult caused you to reflect on the big picture of your career, you aren’t alone. Research suggests that sixty-five percent of workers are on the hunt for a new job — experts are calling it “The Great Resignation.”2,3
Seek External Support
If you’re considering switching careers, you don’t have to go it alone. Resources like career coaches can help you update your resume, make a job search plan and keep you on track in the process. Likewise, your financial professional can be an important source for planning for major life events like this one.
It’s well known that financial professionals help people plan for the long term through portfolio management, estate planning and more. Your financial professional can also help you review your financial circumstances and consider your options before major life events. They can help keep you prepared and protected before, during and after the transition.
Get Your Finances in Order
One of the most important things to do before a big life change (like switching careers) is to get your financial house in order. This means developing a financial transition strategy, including multiple layers of protection. A good start is to have at least six months of expenses in your savings account. Next, sit down with your financial professional and make sure you and your loved ones are properly protected — before you make the leap.
Consider Going Back to School Debt-Free
Sometimes switching careers isn’t as simple as just leaving your job. Perhaps you need to return to school before changing your career path. In this case, look into the ways to get an advanced degree without taking on student loan debt. Find out about less expensive, accelerated study programs and tax credits to help lower education costs. With these and other options, there may be ways to go back to school without hindering your financial future. Also, if you have a whole life insurance policy, you may be able to use your policy’s cash value to fund your education.
Could Early Retirement Be in the Works?
If you’re thinking about retiring before the traditional age of 65, you’ll join over two and a half million Americans who have retired early since the start of the pandemic.4 But, to securely shift gears sooner than anticipated takes a lot of planning. Read more about the benefits, risks and how-tos of early retirement.
The past months have caused people to think a lot about where they are in their professional lives — and where they want to go. To know where you stand, talk with your financial professional about the possibility of changing your career, or perhaps even early retirement.
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2021-127678 Exp. 10/2023
1Fewer jobs have been lost in the EU than in the U.S. during the COVID-19 downturn, Pew Research Center, April 15, 2021
2Job-hopping heats up: 65% of U.S. workers are looking for a new job, Fortune, August 20, 2021
3The Great Resignation Is Here, and It’s Real, Inc.com, August 26, 2021
4They Didn’t Expect to Retire Early. The Pandemic Changed Their Plans. The New York Times, July 2, 2021