I know, there isn’t a career insurance product.
It’s interesting when you think about it.
We insure our homes.
Our cars.
Our health.
Protecting ourselves if something bad happens.
We have a financial “safety net” for unplanned events.
When it comes to our income…
Our actual money for day to day living…
There is no net.
If we lose our job, we may get a severance for a short period of time, but then we are in trouble.
This is particularly challenging for workers over 50.
In fact, ProPublica research has found over 50% of workers over 50 have been laid off at least once.
And only 1 in 10 recover their prior salary in a new role.
My Perspective
With numbers like these, workers in their 40s should be actively planning their own “insurance”.
Contributing higher levels to retirement accounts.
Putting money in places it could be easily liquidated.
Learning new skills.
Starting side hustles.
Considering what we want to do in their 50s, 60s, and beyond.
What is the lifestyle we want to lead?
New terms are emerging.
Encore Careers.
Retire-preneaurship.
Joy Jobs.
Instead of looking at the at the challenges of work over 50, we should flip to the possibilities.
Start exploring what we want our career to look like in our 50s-70s.
Taking courses.
Getting new certifications.
Building a business on the side.
Our insurance “just in case” we are in the 50% over 50 who are let go.
Your Turn
Do you know someone over 50 who was laid off or were you?
Do you know what you would do in this situation – a new job or something on your own?
Is there a plan for your post-career “joy job”?