SetbackComeback

Setback or a Comeback? Turning Job Loss After 50 Into Your Greatest Opportunity

by BlogEncore CareerWealth

Losing a job after 50 can feel daunting, but it’s also a chance to rethink your career, finances, and future. Whether you’re considering a new full-time role, a passion project, semi-retirement, or maybe you’ll do a financial analysis and find out that you’ll be okay with full retirement. Whatever the case, this is your moment to reimagine what’s next. Here’s how to turn this new challenge into your greatest comeback.

  1.  Pause and Process: It’s OK to Feel All the Feels
  • Losing a job often feels personal, but remember—it’s not a reflection of your worth. Allow yourself time to process your emotions, then shift focus to what’s possible.
  • As my late mother used to say, “Life is 20% what happens to you and 80% how you react to it.” This can be your 80% comeback story.
  1. Assess Your Financial Situation: Know Your Numbers
  • Start by reviewing your finances to understand where you stand:
    • How much do you have in savings?
    • What are your monthly expenses?
    • Do you qualify for unemployment benefits or severance?
    • How long can you go without a steady income?
  1. Reimagine Your Career Path: What’s Next for You?
  • Think of this as your opportunity to design a career you love.
    • Dream Big: What’s your ideal job or business venture?
    • Upskill: Take online courses, earn certifications, or attend workshops to update your skills.
    • Explore Gig Work: Freelancing, consulting, or part-time roles can offer flexibility and income.
    • Consider the concept of Ikigai when you’re dreaming. I’m writing another post about this soon and I incorporate Ikigai into the retirement readiness coaching I offer.
  1. Take Advantage of Online Job Boards and Resources
  • The internet is a treasure trove of job opportunities. Here are some platforms to get you started:
    • LinkedIn: Perfect for networking, job hunting, and showcasing your expertise.
    • Indeed: One of the most comprehensive job boards for all industries.
    • FlexJobs: Offers remote, part-time, and freelance opportunities.
    • The Mom Project: Focuses on connecting women with flexible job options.
    • We Work Remotely: Highlights remote roles across industries.
    • RetirementJobs.com: Designed for job seekers over 50.
    • Upwork/Fiverr: Ideal for freelance and project-based work.
  • Use these platforms to find roles that align with your expertise, passions, and lifestyle.
  1. Revisit Your Retirement Plan
  • Could this job loss be the nudge you need to retire earlier or shift to semi-retirement? Review your savings, Social Security benefits, and healthcare plans and costs to see if your retirement timeline can be adjusted.
  • If you’re not sure where to start, our Her Retirement More for Her Program can help you assess your options and plan for a secure future.
  • Talk to a financial advisor to get a retirement income projection (I know a few good ones). You might discover that you don’t need a full-time job—or any job at all! Knowing your numbers gives you clarity and helps you make confident decisions.
  1. Leverage Your Network: People Want to Help
  • Your network is one of your greatest assets. Let friends, former colleagues, and professional connections know you’re exploring new opportunities.
    • Tip: Update your LinkedIn profile with a clear headline and a short note about the type of role you’re seeking.
  • Networking events, alumni groups, and women-focused career communities can also be valuable for finding leads and gaining support.
  1. Embrace the Emotional Reset
  • Beyond finances, a job loss is an emotional transition. Take steps to nurture your mental well-being:
    • Set a Routine: Structure your days with activities that bring purpose and joy.
    • Focus on Positivity: Celebrate small wins, and surround yourself with uplifting people.
    • Seek Support: Join job seeker groups, especially those for women over 50, to find encouragement and resources.
  1. Find the Silver Linings
  • This moment can be a turning point. What if this job loss opens the door to living life on your terms? Many women use this opportunity to start businesses, pursue hobbies, or find roles that better align with their values.
  1. Plan Your Comeback With Confidence
  • This is your chance to rewrite your career and life story. With the right mindset, tools, and support, you can create a future filled with purpose and security.
  • And remember, you’re not alone. At Her Retirement, we’re here to help women like you navigate life’s challenges and build the future you deserve.

Ready to start your comeback? Let’s make it happen. Reach out to me for any help or with questions. Let’s Get Her Done.

Stay tuned for another blog post about how to prepare for job loss. Also, if you decide to retire (or know someone who has recently retired), check out my guide/workbook/journal, Her First 100 Days of Retirement.

#CareerTransition #WomenOver50 #RetirementPlanning #Resilience #HerRetirement

Perks of Starting an Encore Career!

by Encore CareerRetirement EducationRetirement Income

In a previous blog, we looked at the benefits of a Phased Retirement.  Basically, the main benefit was to keep the mind active and help the recent retiree have a purpose in their daily life.  Another route to fulfill these needs can be through an encore career.  There are many different ways to fulfill this, either through paid or unpaid, new or known career knowledge.  Below we highlight a few ways to start an encore career.

  • Volunteer Work: For those who are truly financially independent in their retirement, meaning they have enough to live the life they envisioned or are comfortable in their retirement life, volunteer work is a great way to keep the mind active and have a feeling of purpose, like they are making a difference in their weekly life. Volunteer work is also fulfilling because the retiree can choose which field they would like to work in, such as volunteering in the field of early childhood or helping those struggling to get back on their feet.  This flexibility may help the recent retiree feel fulfilled and passionate about what they are doing with their golden years.
  • Turning a hobby into a business: This is a path that many experts warn to think through carefully, because far too many people have plunged their entire retirement savings into a passionate hobby that simply didn’t turn into a business. But if the retiree has a limit of what they are willing to invest in their new visionary business, then this may be a path that is very fulfilling!  A hobby, such as knitting or gardening, in today’s internet age, can take off to a whole new sphere of success!  And doing what one loves (such as in the field of volunteer work) AND receiving a supplemental income from it can seem like a win-win: extra money and a passionate reason to get out of bed each morning.
  • Phased Retirement: As mentioned in a previous blog, phased retirement can benefit the retiree because they are able to stay active, it is in a field that they have vast knowledge in and they can receive a supplemental, part time income (depending on how many hours are scaled back). The need to have a weekly purpose is easily fulfilled and is an easier path than starting a new business.
  • A part time career: This is one that is most familiar to retirees, be it a greeter at a store, a cashier at the local grocery store or some other part time job, many retirees find this the easiest path to transition into.  There is no great commitment or taxing work to be done, but includes a flexible schedule and some form of supplemental income.  There are many businesses that actually look for recent retirees because they find that they are more dependable than some teenage part time workers and that they are flexible are in their schedule.
  • A brand new career: Similar to a part time career, this entails going into a new field, possibly an earlier passion that may not have been financially possible before. For example, being a tour guide at a local museum or national park or a speaker to children at a school, about what life was like back when.  Or it could be a totally new career, such as an Uber or Lyft driver, where the hours are decided by the retiree.
  • Advisor: Similar to a Phased Retirement path, becoming an advisor (either for a company that the retiree has worked for or a competitor) can help the retiree with supplemental income, but also to help feel needed and as if they are making a difference somewhere.

Regardless of which path the retiree chooses, we here at Her Retirement feel that staying mentally and physically active is important to maintaining a healthy lifestyle during their golden years.  Because after all, the golden years are meant to be enjoyed and to feel like there is a purpose to getting out of bed each morning.