Your kids or grandkids went back to school recently, so why not you? More and more women in the “Prime” years are saying “yes” to going back to school.
If you are hesitant because you think you would be bucking conventional wisdom, be assured that you are not. The trends are supporting your notion, both in terms of age and gender. Women began outnumbering men on college campuses in 1979 and the gap has widened since. In 2014, females comprised 57 percent of the students in after high school education.
The average age of college students has been trending upward, also. The last survey reported by the National Student Clearinghouse in 2012 showed that more that 38 percent of post-secondary students were 25 or older, and that percentage has been steadily increasing. One of the trends among that group is that just under half (46 percent) were part-time students. Not surprisingly, the percentage of part-timers increased with age.
And finally, the idea of a career change in “midlife” or traditional retirement years has become so prominent that a coaching, testing and book-writing industry has emerged to take advantage of it. The industry has its own lingo and there is no shortage of advice.
But before you quit your job and enroll fulltime in a college program, take a breath and consider at least these factors. (Note: my incomplete list includes ideas you might not consider “financial,” but we’re talking about a significant chunk of your life here. My firm’s Lifestyle Driven Investing™ approach starts with figuring out what you want to do before we figure out how to pay for it.)
I said there was an industry that has sprung up to support this trend. Here are links to a few of the coaching websites and firms. It is by no means exhaustive. Just do a search for “midlife career change” or “second half of life” or “encore career” and be prepared for lots of reading.
Securities offered through LPL Financial, Member FINRA/SIPC. Financial Planning offered through Lifestyle Planning Solutions, a registered investment advisor. Investment advice offered through Stratos Wealth Partners, a registered investment advisor. Botsford Financial Group, Lifestyle Planning Solutions and Stratos Wealth Partners are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
For a list of states in which I am registered to do business, please visit www.botsfordfinancial.com.
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