I recently spoke with a 48-year-old friend who is part of the top leadership team at his company. He considers this position his “dream job.” However, he has recently started to worry about what the future holds when he turns 55.

I faced the same concern when I was 45 years old. It’s something I’ve been contemplating a lot over the past few years.

Corporate life often begins to fade around the age of 50. Many employees continue working in these companies until they are close to 60. Some reach VP level and have to travel around on a weekly basis. However, some individuals choose to leave the corporate race around the age of 45. It’s at this point that we start to notice significant changes taking place.

According to a study conducted by Barron’s.com, 56% of workers over 50 will lose their jobs or be laid off at least once before they retire (yes, you read that right, 56%!). In addition, only 10% of those laid off are able to find jobs paying as much as their previous jobs.

Being over 45 has many positives:

• Our confidence in our abilities, accomplishments, and knowledge has increased.
• Our patience and wisdom have grown.
• It is evident we have a wealth of experience.
• Having lived through many situations, we know how to handle them.
• Money, position and fame become less important in life as we begin to value other things.

However, on the other hand

• Most people in the organization are younger than us
• Compared to people with less experience, we are more expensive
• As opposed to moving up the corporate ladder, we move into parallel positions
• Money, position and fame become less important in life as we begin to value other things (Yeap! also on this list).
• There is less flexibility in accepting changes: countries, responsibilities, positions

As our careers grew, our lifestyle evolved. Consequently, we are more expensive workers, and our lives are more expensive as well. A house, a car, travel, hobbies, going out… not to mention kids in school or even college, which has skyrocketed in cost.

Losing our job seems to be the perfect storm in this scenario. It is something we desperately want to preserve at all costs. Even if it’s not the ideal situation, the perfect company, or the healthy environment we all strive for, our fear is that if we lose it, we may not be able to regain that position or salary. (Yes, you are right…)

Although the corporate environment after 50 can be challenging, many professionals thrive by leveraging their experience, adapting to change, and strategically planning for their future careers.

Here are some examples:

• Some transition to entirely new fields, such as teaching or starting a new career.
• Some use their experience to start their own businesses or move into consulting.
• With decades of experience, some find that their expertise and confidence are highly valued in new roles.

In a recent conversation with a friend whose company has communicated it will announce layoffs in a few weeks, he said, “If it’s my turn, I’ll need to start planning.” I replied, “Why wait?”

You might find yourself in one of several situations: you have a job you like at a company you love, you have a job you don’t like, you have a job at a company you no longer love due to layoffs and reorganizations, or you don’t have a job at all.

In these scenarios, the odds may not seem favorable.

If your company is going through stressful times or you’re worried about your future in corporate life, it’s crucial to start planning your career strategy today. Everyone should have a career plan, regardless of their age or the stability of their company.

If you’re unsure about your next steps, how do you decide what to do next? What makes you believe the new job you’ve been offered will bring you closer to your dream job? Is your current job providing you with the training you need to achieve your desired position in the future?

Career planning involves:

• Define your dream job in 5 years Interestingly, 60% of the people I’ve assisted initially say, “I have no idea where I want to be.”
• Reflect on Your Journey: Take the time to understand what has brought you to this point.
• Identify Skill Gaps: Determine the gaps you need to fill to achieve your vision in five years.
• Seek Assistance: Decide who will help you acquire the right skills.

Over the past 15 years, I’ve guided many through this process. Don’t hesitate to ask for help if you need it! With our combined experience, we help leaders achieve their dreams at www.powerinsideout.com!

We encourage you to share this newsletter with any friends who are concerned about their future!