How We Help Career Changers Plan for the Future
- Careful financial planning is important for a successful career change, including establishing a transition budget to manage costs like retraining and potential income gaps.
- Career transitions can significantly impact retirement planning, requiring analysis of trade-offs and potential adjustments to retirement timelines.
- Mental preparation is equally important as financial preparation, involving reflection on personal values and designing a career that aligns with one's interests and goals for fulfillment.
The decision to change careers has the potential to yield considerable personal and financial rewards, but careful planning and preparation are essential. We’re here to ensure that you avoid common pitfalls and transition with confidence.
Whether you’re changing industries, starting a business, going back to school, or all of the above, we will help you manage the financial and emotional challenges you encounter as you redesign your professional life. We’ve been guiding clients through successful career transitions for decades, and we’re eager to share what we’ve learned.
Establishing a Transition Budget
“Can I really afford to do this?”
This question has stopped many would-be career changers in their tracks, and for good reason. After all, while the benefits of a professional pivot often feel distant and abstract, the costs are significant and immediate. Retraining costs, indefinite periods without income, and initial salary decreases are all daunting challenges that career changers must contend with.
We will help you anticipate all of the potential costs associated with your transition, then run a multifaceted analysis to ensure that you’re financially prepared to manage them. With your transition budget in place, you will move forward with the confidence of knowing that you’re truly ready.
Implications for Retirement Planning
It is common for career changers to have concerns about the effect their transition will have on their retirement planning. Leaving one profession to pursue another often means putting a pause on retirement savings. For those downshifting or exploring less lucrative careers, it can even result in a permanent reduction of annual retirement account contributions. Will your decision to change careers lead to a later retirement? If so, how much later? We will conduct rigorous analyses to help you fully understand the trade-offs involved in every decision.
Designing Your Perfect Career
As financial life planners, we believe a successful career transition is made up of two components- financial preparation and mental preparation. Whether you are leaving a career that’s no longer satisfying, pursuing one that aligns with your interests, or simply downshifting to something less stressful, it’s important to reflect on the factors that lead to joy and fulfillment at work. We will act as your thinking partner as you prepare for your professional transition, leading you through exercises and conversations created to help you design and plan for the career of your dreams.
Guiding Your Financial Journey at Every Stage of Life
As a fee-only financial planning firm, we accept fiduciary responsibility and are committed to an integrated, evidence-based approach. Each of our team members works with a small group of clients to ensure you receive attentive service that is customized to suit your individual situation.
No matter what stage of life you’re in or which financial challenges you face, our credentialed team is here to help you stay on track and make the most of the resources available to you.
Let's Start a Conversation
Take the first step towards simplifying your financial decision-making. Complete the form below and our team will connect with you.
Send Us a Message
We’d like to meet you!
Schedule a free 15 minute conversation and we’ll spend a few minutes getting to know each other so we can learn if what you are seeking and what we provide are a good fit for each other. If it seems like a fit, we’ll talk about next steps. If we’re not, we’ll help you find the right group for your needs.
We’d like to meet you!
Schedule a free 15 minute conversation and we’ll spend a few minutes getting to know each other so we can learn if what you are seeking and what we provide are a good fit for each other. If it seems like a fit, we’ll talk about next steps. If we’re not, we’ll help you find the right group for your needs.
